International News
Gold spikes on sluggish US data ; AUGMONT BULLION REPORT
- Following confirmation of the US economic downturn by ISM and ADP statistics, gold has recovered from its low. According to US economic data, the economy is cooling, which may call for the Fed to take additional action.
- Business activity in the services sector shrank for the first time in over a year, according to data from the Institute for Supply Management. According to the ADP National Employment Change data, private hiring in the nation also experienced a significant slowdown in May.
- Regarding trade, worries about growing hostilities between the US and important trading partners remained after Trump increased steel and aluminium tariffs and said that negotiating with Chinese President Xi Jinping was especially challenging.
- Markets await Jobless Claims and NFP for additional policy guidance as Fed officials continue to be hesitant about lowering rates.
Technical Triggers
- Gold prices have broken the range of $3275(~Rs 95000) and $3375(~Rs 96400) on the upside. If this positive momentum continues, we are likely to see the price rise towards $3450 (~Rs 99000).
- Silver prices have broken the one-month range of $32.5(~Rs 96000) and $34(~Rs 99000), next resistance is $35 (~Rs 101,500).
Support and Resistance
| Metal | Region | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3275/oz | $3450/oz |
| Indian | ₹95,000/10 gm | ₹99,000/10 gm | |
| Silver | International | $32.5/oz | $35/oz |
| Indian | ₹96,000/kg | ₹1,01,500/kg |
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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