International News
Historic Mughal Emerald Jewels to Lead Christie’s Magnificent Jewels Auction in New York
Over 2,000 carats of rare Mughal-era emeralds and multi-gem treasures — including a 470-carat centerpiece — headline a landmark sale alongside prestigious pieces from Anne Bass and Lucille Coleman collections.
Christie’s will showcase an extraordinary array of Mughal jewels at its upcoming Magnificent Jewels auction in New York on June 17, led by a remarkable carved emerald necklace bearing over 1,150 carats of Colombian emeralds. The historic piece is inscribed with the name Ahmad Shah Durrani, founder of the Durrani Empire, and features a massive 470-carat central emerald. Dating back to 1612, this jewel is steeped in royal heritage and has been linked in historical records with other legendary gems such as the Timur Ruby and the Koh-i-Noor diamond. It carries a pre-sale estimate of up to $3 million.
Two additional Mughal masterpieces will also feature in the sale. One is a multi-gem necklace set with four Colombian emeralds totaling nearly 800 carats, expected to fetch up to $3 million. The other is a remarkable necklace strung with over 2,000 carats of spinel and natural pearls, with eight stones engraved with the names of influential rulers including Delhi Sultan Muhammad ibn Tughluq, Mughal emperors Babur, Jahangir, and Shah Jahan. That piece is estimated to sell for as much as $2 million.
These jewels will be presented alongside the personal collection of philanthropist Anne Hendricks Bass, which includes 26 pieces from esteemed design houses such as Van Cleef & Arpels, Bulgari, Cartier, and JAR. A standout from this collection is a pair of Van Cleef & Arpels diamond pendant earrings, estimated at up to $1.8 million, and a JAR sapphire, emerald, and diamond necklace, valued at up to $300,000.
Also featured in the auction is a group of nine Van Cleef & Arpels Mystery-Set jewels from the collection of philanthropist Lucille Coleman, described by Christie’s as a “significant” highlight of the sale.
With its blend of historical depth and iconic 20th-century design, the June auction promises to be one of the most compelling jewelry events of the year.
International News
WGC Gold Market Commentary-Go With The Flow
September Was Unusual: Despite The Price Decline,Global Gold ETFs Recorded US $10bn (67t) Of Inflows Across Regions. North America Led The Charge, Followed By Europe and Asia.
September review
A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite
Yet September was unusual: despite the price decline, global gold ETFs recorded US$10bn (67t) of inflows across regions. North America led the charge, followed by Europe and Asia.
Key Takeaways & Market Drivers
1. September Price Retreat
- Price Movement: Gold dropped 8.5% m/m in September to close at $4,176/oz (USD), experiencing broad declines across all major international currencies.
- Primary Drivers: Macro headwinds drove prices lower, specifically a 53 bps surge in US 10-year Treasury yields (to 5.3%) and a 2% gain in the US Dollar Index (DXY), as captured by the Gold Return Attribution Model (GRAM).
- Derivatives Liquidation: COMEX net managed money positions shrank by $12bn (84t), while spreading positions fell by $22bn (156t), putting heavy downward pressure on spot prices.
2. Divergence: Physical ETFs vs. Derivatives
- Unusual Contrast: While futures/derivatives positions liquidated sharply, physical demand held firm—global gold ETFs saw strong net inflows of $10bn (67t) in September, led by North America, Europe, and Asia.
3. Stellar European & UK Demand in Q3
- Record Demand: UK-listed gold ETFs recorded 54 tonnes of inflows in Q3 (inflows in 12 of 13 weeks), far exceeding model predictions of 18t (a 36t excess).
- Macro Shift: Historical relationships fail to explain the surge. However, since July, excess UK ETF inflows have strongly correlated (r = 0.51) with rising UK term premia.
- Fiscal Concerns: Investors appear increasingly focused on long-term fiscal sustainability (highlighted by the UK Office for Budget Responsibility’s warnings) and persistent inflation risks rather than transient policy events.
Outlook: What to Watch in October
- Fed & Central Bank Meetings: Markets have lowered expectations for further monetary tightening across the Fed, ECB, and Bank of England.
- Key Signal: If bond yields and term premia remain elevated despite dovish rate expectations, it will signal deeper structural concerns regarding fiscal deficits, which should continue supporting strategic gold demand.
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