International News
Precious metals eye the nonfarm payroll data for further direction AUGMONT BULLION REPORT
- Following the release of the minutes from the Federal Reserve’s most recent meeting, gold and silver prices are consolidating, and market players are keeping their attention on impending economic data in search of additional hints regarding the direction of U.S. interest rates.
- The minutes from the October 28–29 meeting revealed that a divided Fed lowered interest rates last month despite warnings from officials that lower borrowing costs could jeopardise the effort to control inflation, which has been above the U.S. central bank’s 2% objective for four and a half years.
- The September U.S. non-farm payrolls report, which was postponed because of the recent U.S. government shutdown, is now the main focus. It is slated for later in the day. It is anticipated that the statistics will offer more clues about the Fed’s future course.
- According to CME Group’s Fed Watch tool, traders now perceive a nearly 33% possibility of a rate drop at the Fed’s December 9–10 meeting, down from 49% on Wednesday.
Technical Triggers
- Gold has been trading in the range of $4000 (~Rs 121,000) and $4150 (~Rs 125,000). Buy on dips around support and sell on rallies around resistance.
- Silver has been trading in the range of $49 (~Rs 150,000) to $53 (~Rs 160,000). Buy on dips around support and sell on rallies around resistance.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4150/oz |
| Indian Gold | ₹121,000/10 gm | ₹125,000/10 gm |
| International Silver | $49/oz | $53/oz |
| Indian Silver | ₹150,000/kg | ₹160,000/kg |
International News
Natural Diamonds Cut In Europe Will No Longer Face US Import Tariffs, Decision Is Expected To Benefit Antwerp
The Main Reason Was That The US Does Not Have A Domestic Diamond Mining Or Cutting Industry That Needs Protection From European imports.
Natural diamonds cut in Europe will no longer face US import tariffs after the US government removed the 10% duty that had been in place for the past six months.
The decision is expected to benefit Antwerp, Europe’s largest diamond cutting and trading hub. According to the Antwerp World Diamond Centre (AWDC), Belgium exported $2.1 billion worth of polished diamonds to the US in 2024.
The exemption was first introduced in September 2025 after discussions between the AWDC and the European Commission. The main reason was that the US does not have a domestic diamond mining or cutting industry that needs protection from European imports.
The reasons for granting the exemption remain unchanged- no diamonds are mined or cut in the US, so there is no local industry that requires tariff protection.
The earlier exemption ended in February 2026 after the US Supreme Court ruled that President Donald Trump’s reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA) were unlawful. The US government then imposed a temporary 10% import surcharge under Section 122 of the Trade Act, which also applied to European polished diamonds.
After this surcharge expired on July 24, the US introduced new tariffs under Section 301 of the Trade Act. These tariffs target countries that do not have adequate measures to prevent imports linked to forced labor. However, natural diamonds cut in Europe have been exempted from these tariffs.
According to the US Trade Representative (USTR), the European Union is still strengthening its forced-labor regulations, which are expected to be fully implemented by December 2027.
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