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
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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