International News
Precious metals at two-week low on dampening safe-haven demand AUGMONT BULLION REPORT
- Gold prices have fallen below $4000 and Silver $47 as bullion’s appeal as a safe-haven was somewhat diminished with indications of an easing of US-China trade tensions, and market players await this week’s Federal Reserve interest rate decision.
- Top Chinese and US economic officials worked on the terms of a trade agreement on Sunday, which will be decided upon later this week by US President Donald Trump and his Chinese counterpart, Xi Jinping.
- If Trump and Xi have a fruitful trade summit this week, gold may find itself somewhat in the dark. If the Fed adopts a dovish stance with this week’s anticipated rate decrease, however, this might be countered.
- Investors are watching for any forward-looking remarks from Fed Chair Jerome Powell, as it is generally anticipated that the Fed will lower interest rates at the conclusion of its policy meeting on Wednesday.
Technical Triggers
- As gold continues its downslide, breaking $4000, the next support is $3960 (~Rs 120,000) and $3850 (~Rs 117,000)
- Silver has also broken support of $47(~Rs 145,000), the next target is $46 (~Rs 140,000) and 45 (~Rs 136,500).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3960/oz | $4175/oz |
| Indian Gold | ₹120,000 /10 gm | ₹124,600 /10 gm |
| International Silver | $45/oz | $49/oz |
| Indian Silver | ₹140,000 /kg | ₹150,000 /kg |
International News
JA Lobbies For Exemptions As US Threatens 100% Tariffs
To Shield The Supply Chain, JA Is Petitioning Washington To Place Diamonds, Gemstones, and Pearls On The U.S. Annex II List, Which Designates Products Eligible For Duty-Free Entry Into The United States.
– Jewelers of America (JA) has intensified its lobbying efforts in Washington to secure sweeping tariff exemptions for diamonds, gemstones, and pearls, as new legislation opens the door to potential 100% duties on imports from major trade partners including India.
The industry group sent a delegation of executives and members to Capitol Hill on Sept. 15 for its annual “Fly-In” event, pressing lawmakers to safeguard the trade from broad trade penalties aimed at supporters of Russia’s energy sector.
The delegation, led by JA President and Chief Executive David J. Bonaparte, met with key lawmakers, including Senators Dick Durbin and Susan Collins and Representatives Jim Jordan and Dave Joyce.
The increased lobbying push coincided with Congress weighing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. Passed by the House of Representatives on Sept. 16 and signed into law by President Donald Trump on Sept. 18, the legislation grants executive authority to levy tariffs of up to 100% on the five largest buyers of Russian oil and natural gas, as well as top facilitators of sanctions evasion.
India, a primary global hub for diamond cutting and polishing, is among the top buyers of Russian crude and faces potential exposure under the law’s discretionary tariff authority.
To shield the supply chain, JA is petitioning Washington to place diamonds, gemstones, and pearls on the U.S. Annex II list, which designates products eligible for duty-free entry into the United States.
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