International News
Gold stays strong around $3300 on US fiscal worries AUGMONT BULLION REPORT
- Amidst persistent concerns about the growing U.S. deficit, gold is still trading at about $3300 thanks to the dollar’s decline, which usually increases the precious metal’s allure as a safe-haven.
- The Congressional Budget Office estimates the recently enacted US tax bill, which is now headed to the Senate, will cost close to $4 trillion, escalating concerns about long-term fiscal instability.
- These worries about growing deficits and increased debt servicing costs are highlighted by Moody’s recent lowering of the US credit rating.
- Gold also benefited earlier this week from heightened geopolitical tensions following allegations that Israel would attack Iranian nuclear sites, which sparked concerns of a wider Middle East conflict.
Technical Triggers
- Gold prices are expected to trade in the range of $3275 (~Rs 95000) and $3375(~Rs 96400) in the near term. Either side breakout or breakdown will give 2-3% movement.
- As suggested yesterday, Silver prices won’t sustain above $34. We saw reversal and profit booking at those levels. Consolidation in this range of $32.5(~Rs 96000) and $34(~Rs 99000) would continue in the near term.
International News
De Beers Assumes 100% Control Of Gahcho Kué Diamond Mine
A Global Slump In Diamond Demand Hit The Company Hard. Its Revenue Dropped 42% In 2025, and Average Diamond Prices Plummete
De Beers is taking 100% control of the Gahcho Kué diamond mine in Canada’s Northwest Territories. Its partner, Mountain Province Diamonds, was facing major financial trouble and agreed to hand over its 49% share in exchange for being cleared of all its debts to De Beers.
​Here is why Mountain Province ran into trouble:
​Falling Diamond Prices: A global slump in diamond demand hit the company hard. Its revenue dropped 42% in 2025, and average diamond prices plummeted—falling to just $36 per carat in the second quarter.
​Massive Debt: Mountain Province was struggling to pay back tens of millions of dollars in short-term loans. Ratings agency S&P warning that the company was at high risk of defaulting on its debts.
​Cost-Cutting and Emergency Funds: To stay afloat, the company paused expansion plans at the mine, delayed payments into environmental cleanup funds, and sold future diamond sales rights to major investor Dermot Desmond (an Irish billionaire) for quick cash.
​Despite selling twice as many diamonds recently, prices were too low to cover their debts.
CEO Jonathan Comerford explained that trade tariffs and Middle East conflicts crushed diamond prices, leaving handing over their share of the mine as the best option to cancel liabilities and secure local jobs.
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