International News
Gold price struggles to capitalize on intraday gains amid receding Fed rate cut bets
Concerns about Trump’s trade tariff and a modest USD weakness underpin the XAU/USD pair.
Gold price (XAU/USD) builds on the previous day’s bounce from the $2,864 region touched in reaction to hotter US consumer inflation figures and gains some follow-through positive traction for the second straight day on Thursday. A fresh leg down in the US Treasury bond yields exerts downward pressure on the US Dollar (USD), which, in turn, is seen benefiting the USD-denominated commodity. Apart from this, worries about US President Donald Trump’s tariffs and a global trade war underpin the safe-haven bullion.
Meanwhile, the hotter US consumer inflation figures released on Wednesday reaffirmed market expectations that the Federal Reserve (Fed) will stick to its hawkish stance and hold interest rates steady for an extended period. This could act as a tailwind for the US bond yields and the Greenback, which, in turn, acts as a headwind for the non-yielding Gold price amid still-overbought conditions on the daily chart. Traders now look forward to the release of the US Producer Price Index (PPI) for some meaningful impetus.
International News
Paraiba Tourmalines Deposit Discovered In Ethiopia
SSEF Said Trace-Element Data From The Suspected Ethiopian Material Overlaps Considerably With Stones From Established Localities, Particularly Brazil
The Swiss Gemmological Institute (SSEF) has received credible reports indicating the discovery of a new deposit of copper-bearing tourmalines, known in the trade as Paraíba tourmalines, in Ethiopia.
The development coincides with the submission of several stones whose geographic origin proved difficult to determine using existing methods. Preliminary analyses suggest some may originate from Ethiopia.
Since their discovery in Brazil in the late 1980s, Paraíba tourmalines have been prized for their vivid “neon” blue and bluish-green colours caused by copper within their crystal structure. Additional deposits were later found in Nigeria and Mozambique, with the latter becoming a major source.
SSEF said trace-element data from the suspected Ethiopian material overlaps considerably with stones from established localities, particularly Brazil, making origin determination challenging. The institute is conducting further research to characterise the new material and refine methods for distinguishing it from copper-bearing tourmalines from other sources.
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