Precious Metals continues record run AUGMONT BULLION REPORT

Published

5 months ago

September 23, 2025

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Gold touches a new record high of $3795 (~Rs 112,500) and Silver touches 14 14-year high of $44.40 (~Rs 133,900), encouraged by expectations that the Fed may lower interest rates further this year. Last week, the Fed made its first rate cut of the year and hinted at more to come as the labour market deteriorates.
As a result, markets priced in nearly two additional 25 basis point cuts at the central bank’s remaining meetings this year.
Strong central bank purchases, consistent ETF inflows, and persistent geopolitical risks—such as the Russia-Ukraine conflict and the economic consequences of President Donald Trump’s tariffs—have also supported safe-haven flows.
For additional direction on the rates outlook, investors are now anticipating a new Fed speech and significant US inflation data this week.

Technical Triggers

Gold Oct Futures is on its way to cross $3800 (~Rs 113,000) as the bullish run stays intact. Silver Nov Futures is on its way to touch the next psychological level of $45 (135,000), as the bullish run stays intact. Having said that, one should be very cautious on the buy side, as the rally seems overdone and overbought.

Support and Resistance

Commodity	Support Level	Resistance Level
International Gold	$3720/oz	$3800/oz
Indian Gold	₹110,400 / 10 gm	₹113,000 / 10 gm
International Silver	$43.5/oz	$45/oz
Indian Silver	₹130,000 / kg	₹135,000 / 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

14 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.