International News
Precious Metals Caught Between Hawks and Hormuz – AUGMONT BULLION REPORT
Warsh’s Hawkish Debut and Renewed Geopolitical Uncertainty Drive Gold’s Next Move
Last week was defined by two main events: Kevin Warsh’s first FOMC meeting as Fed Chair. What markets had widely anticipated as a routine, status quo hold turned into one of the most consequential policy communications in recent months—not because of what the Fed did, but because of what it signalled it might do next. The FOMC voted 12-0 to hold the federal funds rate at 3.50%–3.75%, but simultaneously stripped out prior language hinting at future rate cuts and delivered a strikingly compressed 130-word statement, down sharply from 341 words in the April release.
The updated dot plot told a decisively hawkish story. The median policymaker now expects rates to end 2026 higher than they are today—a direct reversal from March, when the median still implied a cut. Seventeen of the 18 officials assessed inflation risks as skewed to the upside. Nine of the 18 voting participants projected at least one rate hike before year-end, with six projecting two 25-basis-point increases. Officials simultaneously raised their 2026 PCE inflation forecast to 3.6%, well above the 2.7% projected in March, citing energy price pressures stemming from the ongoing Middle East conflict. Chair Warsh declined to offer personal forward guidance—consistent with his longstanding scepticism of the practice—but the committee’s collective message was unambiguous: cuts are off the table for now, and a hike is a live possibility. Traders have taken note, with markets now pricing in nearly a 90% probability of a rate increase before year-end.
The second event was the geopolitical backdrop, which added further complexity. A US–Iran interim ceasefire took effect on Thursday, June 19, following weeks of diplomatic uncertainty since US military operations commenced under Operation Epic Fury in late February 2026. The initial ceasefire eased crude oil prices and briefly lifted risk sentiment, prompting a partial unwinding of gold’s safe-haven war premium. However, sentiment reversed sharply over the weekend when Switzerland announced that the planned Geneva talks—intended to formalise a broader peace arrangement—would not go ahead. That late-week development reintroduced uncertainty, provided residual support for gold, and limited Friday’s downside, with markets already thinned by the US June 10 holiday. Since then, Iran has accused the US and Israel of violating the ceasefire terms and announced the reclosure of the Strait of Hormuz, citing continued Israeli strikes in Lebanon. President Trump simultaneously threatened fresh military action if Hezbollah continued attacks on Israel, reinforcing the fragility of the diplomatic process and keeping the geopolitical risk premium firmly in play.
On the demand side, ETF flows—which had broadly recovered through April—came under renewed pressure as higher-for-longer rate expectations reasserted themselves. The WGC’s structural case for gold remains intact: geopolitical risk continues to anchor demand in 2026, and central bank purchases are projected at 700–900 tonnes for the full year. Near-term Western ETF flows, however, are likely to stay subdued until there is greater clarity on the Fed’s next move.
The People’s Bank of China has meaningfully accelerated its reported gold purchases—from roughly one tonne per month through February to five tonnes in March and eight tonnes in April—providing a consistent price floor on sharp dips. India’s gold ETF ecosystem, now comprising 26 funds, has registered 12 consecutive months of net inflows, and domestic retail demand remains a structural pillar despite price sensitivity at elevated MCX levels. Separately, the ceasefire and potential Strait of Hormuz normalisation, while a net negative for gold’s geopolitical premium, are easing India’s crude import bill—a development that supports the rupee and partially cushions MCX prices from dollar-denominated weakness over time.
COMEX Gold Spot
Near-term COMEX support sits at $4,100–$4,050, with resistance at $4,250; a clean break above that level opens the path toward $4,350. In silver, prices found support at $63 last week, near the $60–$61 support zone, with resistance at $67 and a potential extension toward $70 on a breakout.
COMEX Silver Spot
The market enters this week with a cautious-to-recovery bias. The key catalyst is the May PCE print due on June 25—the Fed’s preferred inflation gauge. An upside surprise in core PCE would reinforce rate-hike bets and add further pressure on gold. A softer reading, conversely, could give bulls the opening they need for a short-covering rally.
DiamondBuzz
Exceptional Platinum Jewelry Designs Win AGTA Spectrum Awards Competition
More than 60 platinum jewellery entries competed for top honours, recognising exceptional craftsmanship, innovative designs and the versatility of platinum across coloured gemstones and pearl jewellery.
Platinum Guild International (PGI), in partnership with the American Gem Trade Association (AGTA), is pleased to announce the Platinum Honors winners of the 2026 AGTA Spectrum Awards.
More than 60 platinum jewelry entries were submitted to the Platinum Honors category, which recognizes outstanding uses of platinum in colored gemstone and natural or cultured pearl jewelry across multiple categories, from Evening Wear to Engagement Rings. PGI also traditionally presents an award for Best Use of Platinum and Color.
The AGTA Spectrum Awards competition was held at the Omni Frisco Hotel at the Star in Dallas, where Jenny Luker, President, PGI USA, judged the Platinum Honors category.
“The AGTA Spectrum Awards bring together an extraordinary range of platinum jewelry, and the level of design innovation, technical execution, and artistry is exceptional,” said Luker. “It’s exciting to see so many talented designers exploring the material in different ways, creating intricate, distinctive pieces that showcase the versatility of platinum.”
AGTA CEO John W. Ford Sr. thanked PGI for its sponsorship of the Spectrum Awards and extended his congratulations to the Platinum Honors winners. “Receiving a Platinum Honors distinction from PGI is one of the industry’s highest achievements,” he said. “We were happy to see Platinum so well represented among the AGTA Spectrum entries, which increased by 21% this year.”
Platinum’s potential for design innovation and technical accomplishment was exemplified by several of this year’s AGTA Spectrum Award winners.
The Best of Show award and 1st Place in Classical Wear was awarded to “Can’t Look Away,” a necklace by Lezlie Slavens of Luxe Fine Jewelry and collaborators. The design features a carved Paraiba tourmaline backed in platinum, suspended from a diamond-accented platinum chain and illuminated by a magnet-activated LED light source.
The Art Deco-inspired “Horus Egyptian Revival” bracelet by Joseph Dardashti, in Platinum with Rubies, Sapphires, Emeralds, Diamonds, and Onyx, won 1st Place in the Spectrum Awards’ Evening Wear category and also received a Platinum Honors distinction in the same category.
Jeffrey Bilgore’s Mahenge Spinel and Diamond “Neuvelle Moi et Toi Forever” Platinum ring received the Stuller Color of the Year Award, a new category honoring exceptional interpretations of Stuller’s “Signature Red”, and won 2nd Place in the Spectrum Awards’ Classical category.
The honour of 1st Place in the Bridal category went to Niveet Nagpal of Omi Gems, Inc. for his Platinum ring featuring a 5.32 ct. Paraiba Tourmaline, accented by Tourmaline (1.05 ctw.) and Diamonds (0.69 ctw.).
New entrant Shelby Lichtenstein was awarded 1st Place in Engagement Rings with her Platinum “Something New, Something Blue” ring, featuring a 4.50 ct. blue emerald-cut Zircon accented by Diamonds (0.26 ctw.).
“Because of platinum’s durability, strength, and tensile properties, designers can achieve things that might not be possible with other metals,” said Luker. “Whether it’s intricate micro pavé work or delicate prongs, platinum allows for exceptional precision while ensuring that gemstones remain secure.”
Across all categories of the Spectrum Awards competition, noteworthy platinum jewelry trends included bezel settings in engagement rings, designs that paired platinum with moonstones for a dreamy, elegant white-on-white effect, and brooches for both men and women that incorporated multiple gemstone types in an array of cuts and sizes.
“The level of design this year was incredible,” said Luker. “I was particularly impressed by the innovation and execution. Platinum plays such a wonderful supporting role to gemstones, and that relationship has endured—and will endure—forever.”
AGTA Spectrum – Platinum Guild International (PGI) Platinum Honors
Best Use of Platinum & Color
Roland Krainz, Krainz Creations – Platinum “Ambrosia” necklace featuring Opals accented by Diamonds, Emeralds, Sapphires, and tsavorite Garnets (140.80 ctw.).
Best Use of Platinum Crown
Ricardo Basta, E. Eichberg, Inc. – Platinum “Everest” ring featuring a 9.70 ct. cushion-cut Tanzanite accented by Diamonds (1.67 ctw.).
Bridal Wear
Jeffrey Bilgore, Jeffrey Bilgore, LLC – Platinum “JuneStones for June Brides” necklace featuring a 27.02 ct. blue-sheen oval Moonstone accented by a 7.95 ct. natural conch Pearl, Alexandrites (3.23 ctw.), and Diamonds (10.36 ctw.).
Business/Day Wear
Gabriel Angulo, Pompos Jewelry Corporation – Platinum stretchable ring with titanium springs featuring a 5.42 ct. natural oval cabochon black Opal accented by Diamonds (5.15 ctw.) and Sapphires (3.28 ctw.).
Classical
Eve Streicker, Original Eve Designs, in collaboration with Rohan Agrawal – Platinum “Zellige” brooch featuring marquise-shaped Aquamarines (8.40 ctw.) accented by Diamonds (0.28 ctw.).
Engagement Rings
Underwood Design Team, Underwood’s Fine Jewelers – Platinum ring featuring a 3.66 ct. cushion-shaped Sapphire accented by Diamonds (1.22 ctw.).
Evening Wear
Joseph Dardashti, Joseph Dardashti, Ltd. – Platinum and 18K yellow gold “Horus Egyptian Revival” bracelet featuring Rubies (5.90 ctw.), blue Sapphires (3.75 ctw.), and Emeralds (0.70 ctw.) accented by Diamonds (6.50 ctw.) and Onyx (0.75 ctw.).
Innovative Design
Cari Goldman, Pieces by Cari, LLC, in collaboration with Alexsey Yarnikh – Platinum “Love Spun” ring featuring marquise crystal Opals (2.24 ctw.) accented by Diamonds (1.0 ctw.).
Men’s Wear
Ricardo Basta, E. Eichberg, Inc. – Platinum “Siren’s Relic” ring featuring a 5.35 ct. emerald-cut Zoisite.
These highlights offer a glimpse of the exceptional work recognized in the 2026 AGTA Spectrum & Cutting Edge Awards. We invite you to explore the complete collection of winning entries at AGTA.org and discover the artistry behind each award.
Many of the winning pieces will be on display during AGTA GemFair Tucson, January 31–February 4, 2027, at the Tucson Convention Center. For AGTA members and the wider trade, it is an opportunity to appreciate the gems and craftsmanship up close, connect with the community behind them and find inspiration for what comes next.
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