International News
Precious metals get boost as Middle East tensions escalate
Gold is trading at about $3375 (about Rs 97000) as investors keep a careful eye on the Middle East conflict that is getting worse after the US became involved in Israeli strikes on Iran. Over the weekend, US forces attacked Iran’s three primary nuclear installations, and President Donald Trump threatened to launch additional strikes if Tehran does not negotiate. The Israeli-Iranian conflict has given new impetus to a surge that has raised gold prices by about 30% this year.
Gold fell almost 1% on Monday after beginning the week under bearish pressure. Despite last weekend’s missile strike exchange between Iran and Israel, safe-haven flows did not control financial market activity. Due to global selloffs sparked by the growing Middle East war, investors also sold precious metals to offset losses elsewhere.
The US Federal Reserve also maintained a cautious, data-dependent stance and held interest rates unchanged last week, cautioning that President Donald Trump’s new tariffs may exacerbate inflation and make the outlook for the economy more complex. Trump, however, restated his demands that interest rates be lowered by 2.5 percentage points by the US Federal Reserve.
The Israeli military has reportedly hit around 20 targets in and around Tehran on the tenth day of the Israel-Iran conflict, including locations connected to Iran’s development of nuclear weapons and missiles. The confirmation of a significant discovery in Argentina—one of the biggest copper, gold, and silver deposits in three decades—that is believed to contain 13.2 million tons of copper and more than 80 million ounces of gold and silver combined put additional pressure on sentiment regarding the supply front.
Following a symmetrical triangle breakout last week, gold prices are consolidating at high levels. Bullish momentum should continue till gold prices are trading above $3300 (~Rs 96300). This week, prices are anticipated to fluctuate between $3320 (~Rs 97000) and $3420 (~Rs 100,000); a breakout or a breakdown will provide a 2-3% rise or fall.
Silver has finally given a breakout from its range – above $35 (~Rs 102,000) to trade at an all-time high of $37 (~Rs 107,000). The next target is $38 (~Rs 111,000), if this positive momentum continues above ATH, while support lies at $35.5 (~Rs 104,000).
This week, a number of Federal Reserve officials are due to address Congress. Fed Chair Jerome Powell will testify for two days, during which time the possible effects of President Donald Trump’s tariffs and the attack on Iran are anticipated to be discussed.
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.
-
National News4 days agoIIBS-11: Navigating the ‘New Gold Rush’ in a fragmenting global economy
-
International News4 days agoOroarezzo 2026, with Italian Exhibition Group, Manufacturing Explores New Markets
-
International News4 days agoGemfields nets $53m in Bangkok ruby auction
-
New Premises4 days agoLimelight Diamonds Unveils Exclusive Visakhapatnam Store in the Presence of Union Minister of Civil Aviation Shri Kinjarapu Ram Mohan Naidu
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.