International News
Precious metals are dancing to the tunes of rate cut bets AUGMONT BULLION REPORT
- Gold and silver prices rebounded after dovish remarks from Fed governors rekindled hopes of a U.S. rate cut in December, reaching their highest level in over a week despite a strong dollar.
- Fed Governor Christopher Waller yesterday that the employment market is bad enough to justify another quarter-point rate decrease in December, but further action would rely on an impending flood of data that has been delayed by the government shutdown.
- Waller’s remarks follow New York Fed President John Williams‘ Friday prediction that U.S. interest rates could decline “in the near term.” According to the CME FedWatch Tool, investors are now projecting an 81% chance of a Fed rate drop in December, up from 40% last week.
- Investor attention now shifts to September retail sales and PPI data, which are due later today, as well as jobless claims on Wednesday. These data are anticipated to give investors a better understanding of the US economy’s condition and the future course of Fed interest rates.
Technical Triggers
- Gold has been trading in the range of $4000 (~Rs 121,000) and $4200 (~Rs 127,000). Buy on dips around support and sell on rallies around resistance.
- Silver has been trading in the range of $49 (~Rs 150,000) to $53 (~Rs 160,000). Buy on dips around support and sell on rallies around resistance.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4200/oz |
| Indian Gold | ₹121,000 / 10 gm | ₹127,000 / 10 gm |
| International Silver | $49/oz | $53/oz |
| Indian Silver | ₹150,000 / kg | ₹160,000 / 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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