International News
Precious Metals continue their bull run ahead of the NFP data AUGMONT BULLION REPORT
- Anticipating lower US interest rates and safe-haven demand helped gold rise beyond $3600, close to record levels, and on pace for a weekly gain of more than 3%.
- Further deterioration was indicated by the most recent ADP report, which showed that private payrolls increased by just 54,000 in August, significantly less than expected, and that jobless claims hit their highest level since June. To solidify their bets on a short-term Fed move, investors are now awaiting the August NFP data, which is out later today.
- There is a virtually 100% chance that markets will price in a 25 basis point drop on September 17. Since lower interest rates lessen the opportunity cost of keeping non-yielding assets, traders are now betting on up to three cuts this year, which would help gold.
- Concerns about the Fed’s independence have been exacerbated by President Trump’s actions, and the demand for safe-haven assets is being increased by geopolitical tensions, economic uncertainty, and global trade uncertainties.
Technical Triggers
- Gold seems to continue its run-up towards its record high levels again. Next target $3650 (~Rs 108,000) and $3700 (~Rs 110,000).
- Silver continues its upward trajectory for the next target of $42 (~Rs 125,500) and $43 (~Rs130,000).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3575/oz | $3650/oz |
| Indian Gold | ₹106,000/10 gm | ₹108,000/10 gm |
| International Silver | $41/oz | $43/oz |
| Indian Silver | ₹123,000/kg | ₹130,000/kg |
International News
Paraiba Tourmalines Deposit Discovered In Ethiopia
SSEF Said Trace-Element Data From The Suspected Ethiopian Material Overlaps Considerably With Stones From Established Localities, Particularly Brazil
The Swiss Gemmological Institute (SSEF) has received credible reports indicating the discovery of a new deposit of copper-bearing tourmalines, known in the trade as Paraíba tourmalines, in Ethiopia.
The development coincides with the submission of several stones whose geographic origin proved difficult to determine using existing methods. Preliminary analyses suggest some may originate from Ethiopia.
Since their discovery in Brazil in the late 1980s, Paraíba tourmalines have been prized for their vivid “neon” blue and bluish-green colours caused by copper within their crystal structure. Additional deposits were later found in Nigeria and Mozambique, with the latter becoming a major source.
SSEF said trace-element data from the suspected Ethiopian material overlaps considerably with stones from established localities, particularly Brazil, making origin determination challenging. The institute is conducting further research to characterise the new material and refine methods for distinguishing it from copper-bearing tourmalines from other sources.
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