International News
Kagem to recommence focused open-pit mining
Gemfields is pleased to announce that Kagem Mining Limited (‘Kagem’), the emerald mine in Zambia which is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia through the Industrial Development Corporation of Zambia (‘IDC’), will shortly recommence a programme of focused open-pit mining to recover more premium emeralds.
As announced on 23 December 2024, alongside other cost cutting measures, Kagem suspended all mining from 1 January 2025 to focus on processing ore from Kagem’s significant ore stockpile utilising the upgraded processing plant.
Emerald production from the processing plant in 2025 so far, in terms of carats recovered, has been in-line with the Company’s expectations, producing a lower proportion of higher-quality or premium emeralds than direct open-pit mining methods.
Kagem’s recent auction results, including the encouraging commercial-quality auction results released on 30 April 2025, has increased management confidence in the current emerald market and the decision has therefore been taken to recommence mining of two key production points in the Chama pit, with minimal waste mining, to recover premium emeralds for Kagem’s future higher-quality auctions. The decision to recommence full scale mining will continue to be assessed as market conditions develop.
International News
Precious Metals Under Pressure As Middle East Escalation Fuels Inflation and Rate Concerns AUGMONT BULLION REPORT
Gold Stabilized Near $4,500 After A Near 2% Decline, Weighed Down By Escalating Middle East Tensions That Have Pushed Energy Prices Sharply Higher
- Safe-Haven Dynamics – Gold stabilised near $4,500 after a near 2% decline, weighed down by escalating Middle East tensions that have pushed energy prices sharply higher and stoked inflation fears. The resulting inflationary pressure has reinforced market expectations that central banks will maintain elevated interest rates for an extended period.
- Geopolitical Developments – US forces successfully defended against Iranian attacks while escorting two American-flagged vessels through the Strait of Hormuz. The UAE intercepted Iranian cruise missiles and attributed a significant fire at its Fujairah port to an Iranian drone strike. These incidents followed President Trump’s directive to restore safe passage through Hormuz and assist stranded vessels, though shipowners remain cautious given the heightened security environment.
- Macro-economic Signals – The renewed escalation has undermined confidence in the four-week ceasefire, triggering a surge in oil prices and global bond yields on expectations of tighter monetary policy ahead. The CME FedWatch Tool indicates the Fed will hold rates steady through 2026, while markets have begun pricing rate hikes for 2027 — the probability of a January 2027 increase has jumped to 22% from near zero just one week prior.
Technical Triggers
- Gold is expected to trade in the range of $4500-$4850 (~ Rs 148,000 -155,000).
- Silver is expected to trade in the range of $71-$80 (~ Rs 235,000 -255,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4450/oz : $4850/oz : Rs 145,000/10 gm : Rs 155,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $68/oz : $77/oz : Rs 225,000/kg : Rs 255,000/kg |
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