International News
Precious Metals continue Santa rally AUGMONT BULLION REPORT
- Gold prices have risen to $4550 (up 72% year on year) and silver to $72 (up 140% year on year), setting new records, fueled by anticipation of further Fed easing and increased geopolitical tensions.
- Although third-quarter GDP grew at a healthy 4.3% annualised pace, lower consumer confidence in December and unchanged manufacturing output in November have contributed to the assumption that monetary policy may be softened in the coming months.
- The war between Israel and Iran, as well as rising tensions between the United States and Venezuela, have boosted safe-haven flows into gold. Furthermore, US Q3 GDP data fails to strengthen the US Dollar despite increased bets on two Fed rate cuts in 2026, which supports the non-yielding bullion.
- Trump stated that the next Fed chair will be someone who believes in “significantly lower interest rates”. He stated that applicants who disagreed with his ideas would be excluded from consideration for the Fed’s top job. Investors and politicians are likely to be concerned about the Federal Reserve’s independence following these comments.
Technical Triggers
- As suggested, Gold has touched the target resistance of $4500 (~Rs 138,000). Gold broke its previous high of $4400, after two months of consolidation between $3935 and $4400, so this rally is expected to extend further towards $4575(~Rs 140,000) and $5000(~Rs 150,000) in a few weeks.
- As suggested, Silver has touched the second target resistance of $72(~Rs 223,000). I think it’s time to book profits, as the rally seems overdone. We can see a price retracement up to $68 (~Rs 210,000). But, if Silver continues its bullish momentum, the next target is $75 (Rs 235,000).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4370 / oz | $4575 / oz |
| Gold | India | ₹135,000 / 10 gm | ₹140,000 / 10 gm |
| Silver | International | $67.5 / oz | $75 / oz |
| Silver | India | ₹209,000 / kg | ₹235,000 / kg |
International News
India-UAE Jewellery Dialogue Draws 200+ Stakeholders, Reinforces Trade Confidence
GJEPC and UAE Leadership Reaffirm Commitment To Market Resilience and “Business Beyond Borders.”
- The India-UAE Gems & Jewellery Dialogue -Boosting Confidence, held on 2 April 2026 at Taj Business Bay, Dubai, saw strong industry participation, underscoring continued optimism in bilateral trade. The event was organised under the patronage of the Embassy of India in the UAE, the Consulate General of India in Dubai, and the GJEPC.
The high-level gathering brought together over 200 stakeholders across the jewellery value chain, including manufacturers, retailers, wholesalers, and policymakers from both countries. Among the dignitaries present were H.E Mohammed Ali Rashed Lootah, President & CEO Dubai Chamber, H.E. Ahmed Al Khaja, CEO Dept of Economy & Tourism, H.E. Jumal Al Kait, Asst Undersecretary Ministry of Foreign Trade, Tawhid Abdullah, Chairman Dubai Jewellery Group. Speakers highlighted the resilience of the UAE’s jewellery ecosystem and pointed to expanding opportunities for integration with Indian manufacturers.
Delivering the keynote, H.E. Dr Deepak Mittal, the Ambassador of India to the UAE, reaffirmed the Government of India’s continued support for the sector and emphasised the UAE’s strategic importance as a partner under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Hon’ble Consul General Satish Kumar Sivan stressed the need for unity and confidence within the trade amid shifting global dynamics. In his welcome address, Mr Sabyasachi Ray, Executive Director, GJEPC, outlined GJEPC’s focus on strengthening exports and deepening engagement across the GCC through collaborative initiatives.
Key discussions reaffirmed the strength of India-UAE trade ties in gems and jewellery, sustained confidence in the UAE market despite global uncertainties, and the need for closer coordination between government, trade bodies, and industry. Participants also recognised the India Jewellery Exposition Centre (IJEX) as a critical platform enabling market access in the region.
The dialogue concluded with a shared commitment to deepen cooperation, strengthen trust, and drive growth in bilateral jewellery trade, with GJEPC reiterating its focus on facilitating “Business Beyond Borders.”
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