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India tries to halt Sotheby’s auction of Piprahwa gems found with Buddha’s remains

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The Indian government has issued a legal notice to halt the “unethical” auction by Sothebys of ancient gem relics, which it said should be treated as the sacred body of the Buddha.The auction, which has prompted an outcry from scholars and monastic leaders, is scheduled for 7 May, and the gems are expected to sell for about HK$100m (£9.7m).

Its ministry of culture said the auction of the Piprahwa gems in Hong Kong this week “violates Indian and international laws, as well as United Nations conventions”, and demanded their repatriation to India “for preservation and religious veneration”.

The legal notice has been served on Sotheby’s Hong Kong and Chris Peppé, one of three heirs of William Claxton Peppé, a British colonial landowner who in 1898 excavated the gems on his estate in northern India, who are selling the relics.

Unearthed in 1898 by British estate manager and engineer William Claxton Peppé, the relics were discovered inside a sandstone coffer within the Piprahwa stupa, widely believed to be the ancient city of Kapilavastu, the Buddha’s childhood home. Among the contents were five reliquaries, including one of rock crystal with a fish-form handle, containing nearly 1,800 gemstones, precious metal sheets, bone, and ash.

An inscription in late Mauryan Brahmi script—deciphered by scholars Vincent Smith and later Harry Falk—affirmed the relics belonged to the Shakya clan and held the corporeal remains of the Historical Buddha. This epigraphic evidence, combined with early Pali texts like the Mahāparinibbāna-sutta, makes Piprahwa the only authenticated site of Buddha’s relics confirmed through inscription.

Following the discovery, a portion of the relics was presented to King Rama V of Siam (Thailand), and enshrined at Wat Saket in Bangkok, Shwedagon Pagoda in Yangon, and in Sri Lanka. The Indian Museum in Kolkata holds the majority of the gemstones, but the Peppé family retained a portion—approximately one-fifth—which is now coming to market.

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International News

Precious Metals Bounce Back As Iran Ceasefire Hopes Rise, But Fed Rate Fears Loom: AUGMONT BULLION REPORT

Gold Remains Under Short-Term Pressure From Expectations Of Fed Tightening and A Strong Dollar. However, Investor Positioning In Gold Looks Relatively Light After Months Of ETF Outflows,

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Price MovementGold has bounced back from its key support levels near $3960, and Silver has recovered from $55, after an Iranian official reportedly received a proposal for a 10-day ceasefire. The continuing US-Iran standoff has kept investors worried about energy-driven inflation and the possibility of further rate hikes. Markets are now pricing in an 83% chance of a US rate hike in December, up sharply from 73% just a week earlier, based on the CME FedWatch tool.

Geopolitical Tensions – Despite the Houthis announcing fresh military action, both Tehran and Washington appear keen to restart talks and stop the escalating attacks that have nearly destroyed a fragile interim agreement reached last month. A senior Iranian official told Reuters on Monday that mediators had proposed a 10-day ceasefire, aimed at rescuing the interim deal and eventually leading to a lasting peace agreement.

Macro-Economic SignalsGold remains under short-term pressure from expectations of Fed tightening and a strong dollar. However, investor positioning in gold looks relatively light after months of ETF outflows, meaning further price drops may be limited. Strong physical demand, especially from China, along with continued central bank buying, is providing solid support to the gold market.

Technical Triggers

If Gold fails to hold above $4,000 (~Rs 1,41,000), it could slide further to $3,900 (~Rs 1,38,000). But if it manages to stay above $4,200, a fresh rally could take it toward $4,500 (~Rs 1,55,000).

For Silver, a strong move above $63 (~Rs 2,35,000) could push prices toward $70–71 (~Rs 2,51,000–2,55,000). On the other hand, a fall below $55 (~Rs 2,14,000) may drag it down to $50 (~Rs 2,00,000).

Support and Resistance

International Gold Support Level
International Gold Resistance Level
Domestic Gold Support Level
Domestic Gold Resistance Level
: $3900/oz
: $4160/oz  
: Rs 137,000/10 gm
: Rs 147,000/10 gm
International Silver Support Level
International Silver Resistance Level
Domestic Silver Support Level
Domestic Silver Resistance Level
: $55/oz
: $63/oz  
: Rs 214,000/kg
: Rs 235,000/kg
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