International News
Precious metals fall on reduced rate cut bets AUGMONT BULLION REPORT
- Gold and silver experience steep selloffs, as investors wait for hints on the Federal Reserve’s policy course from a succession of US economic data releases this week, marking the fourth straight session of losses amid waning hopes for a US interest rate cut.
- A rate cut in December has become less likely due to the absence of US data over the last six weeks and hawkish comments made by a number of Fed officials.
- Thursday’s September Nonfarm payroll data will be eagerly watched by traders for clues about the state of the US economy, and the Fed’s most recent meeting minutes will be released on Wednesday to offer more rate direction. The market’s implied probability of a 25 basis point rate cut in December has dropped from nearly 60% earlier this month to 43% now.
- However, structural tailwinds such as geopolitical unpredictability, worries about the sustainability of US debt, de-dollarisation trends, and central bank purchases are anticipated to sustain investment demand for gold and silver throughout the medium and long term.
Technical Triggers
- Gold has broken an important support of $4050; the next target support is $3950 (~Rs 120,000).
- Silver has broken the important support of $50, the next target support level is around $48.5(~Rs 150,000) and $47(~Rs 145,000).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3950/oz | $4050/oz |
| Indian Gold | ₹120,000/10gm | ₹122,000/10gm |
| International Silver | $52/oz | $50.5/oz |
| Indian Silver | ₹150,000/kg | ₹153,500/kg |
International News
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.
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.
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