International News
Gold, silver prices ease on global bullion correction, stronger US dollar
Gold prices in India eased to Rs 12,507/gram (24K) and silver to Rs 1.59 lakh/kg on Oct 24.After a record-breaking run through the festive weeks, gold and silver prices in India are taking a breather. er a record-breaking run through the festive weeks, gold and silver prices in India are taking a breather.Retail rates dipped slightly across major cities, tracking a correction in global bullion and a stronger US dollar.
A combination of three developments has triggered the current market selloff in gold, reshaping immediate trading patterns.Firstly, profit-booking after sustained periods of gains. Gold-backed ETFs experienced their most substantial single-day tonnage withdrawal in five months, indicating that institutional investors are reducing their positions following elevated valuations at consecutive record highs.
Secondly, the dollar index has shown strength over three straight sessions, effectively diminishing gold’s attractiveness by increasing its cost for those holding other currencies. This fundamental relationship between currency values and commodity prices has become prominent again, after being temporarily overshadowed by safe-haven trading during gold’s upward movement.
Furthermore, increased confidence regarding possible US–China trade deal has reduced the appeal of defensive investments. The White House has confirmed that Trump will hold discussions with Chinese President Xi Jinping in the coming days.
In a similar vein, gold prices in the global market declined on Friday and were set for their first weekly decrease in ten weeks, impacted by a stronger dollar and market participants adjusting their positions ahead of a significant US inflation report expected later in the day.
In dollar terms, gold has support at $4,020–$3,975 and resistance at $4,125–$4,170. Silver’s support lies at $47.85–$47.40, with resistance at $48.75–$49.30.
In Indian rupee terms, gold has support at Rs 1,21,070–Rs 1,20,580 and resistance at Rs 1,22,350–Rs 1,23,000. Silver is supported at Rs 1,44,350–Rs 1,43,450 and faces resistance near Rs 1,46,850–Rs 1,47,780.
Analysts believe gold could continue to trade in a narrow range ahead of Friday’s US CPI report, which is expected to provide clues on inflation and future rate decisions.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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