Precious Metals consolidate after FED rate cut and US-China trade deal AUGMONT BULLION REPORT

Published

4 months ago

October 31, 2025

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A US-China trade agreement and waning expectations of rate cuts by the Federal Reserve are driving the consolidation of gold and silver prices, which are headed for a second consecutive weekly decline.
For the second time this year, the U.S. central bank lowered interest rates by a quarter of a percentage point on Wednesday, bringing the benchmark overnight rate between 3.75% and 4.00%. However, following comments by Fed Chair Jerome Powell, traders reduced their bets that the Fed would lower rates once more at its upcoming policy meeting in December.
President Trump reduced fentanyl duties to 10%, and Beijing promised to reduce production and resume US soybean purchases as part of a one-year trade deal on rare earths and key minerals.
Moreover, Kazakhstan led the world’s central banks in purchasing 220 tons of gold in Q3, up 28% from the previous quarter, while Brazil made its first purchase in more than four years.

Technical Triggers

Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,000) for the next few days, so buy on dips and sell on rallies.
Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.

Support and Resistance

Metal	Market	Support Level	Resistance Level
Gold	International	$3900 / oz	$4060 / oz
	Indian	₹117,500 / 10 gm	₹122,000 / 10 gm
Silver	International	$45.5 / oz	$49 / oz
	Indian	₹140,000 / kg	₹150,000 / kg

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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.

Published

13 hours ago

February 27, 2026

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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.