International News
Precious Metals Recover from Lows, Await Direction Amid Middle East Tensions
- Safe Heaven Dynamics – Gold and silver have rebounded from key psychological supports near Rs.1,30,000 and Rs.2,00,000, respectively, supported by oversold conditions and short-covering. However, prices remain under pressure as Middle East tensions persist, with uncertainty around negotiations and the reopening of the Strait of Hormuz keeping inflation risks elevated.
- Geopolitical Developments – While US President Donald Trump indicated a delay in potential strikes and mentioned “productive discussions,” Iran has denied any ongoing talks, and Israel continues military actions. This divergence is sustaining geopolitical uncertainty and market volatility.
- Risk off sentiment – The recent sell-off reflects a classic liquidity-driven phase, where investors liquidate profitable assets like gold and silver to meet margin calls in other asset classes. This indicates positioning-driven moves rather than a change in long-term fundamentals.
Technical Triggers
- Gold: Rebounded from $4100 (~Rs.1,30,000) to $4500 (~Rs.1,42,000); likely to consolidate before targeting $4750 (~Rs.1,48,000).
- Silver: Recovered from $61 (~Rs.2,00,000) to $71 (~Rs.2,28,000); expected to consolidate before moving towards $75 (~Rs.2,40,000)
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4100/oz | $4750/oz |
| Gold | Domestic | ₹130,000 / 10 gm | ₹148,000 / 10 gm |
| Silver | International | $61/oz | $75/oz |
| Silver | Domestic | ₹200,000 / kg | ₹240,000 / kg |
Source: AUGMONT BULLION REPORT
A massive 11,000-carat rough ruby has been recovered in the famed gem-rich region of Mogok, Myanmar, according to recent state media reports.
Weighing in at 2.2 kg (4 lbs 14 oz), the newly discovered stone is roughly half the size of the legendary 21,450-carat rough gem found in the same region back in 1996. However, experts and state officials report that this new find boasts vastly superior color, luster, and transparency.
Mogok rubies, sourced from the “Valley of Rubies” in Myanmar (Burma), are legendary for their unrivaled vivid color and supreme clarity. They are famous worldwide for their “pigeon blood” red hue, which is caused by trace elements and microscopic silk particles that scatter light and give the gem a glowing, velvety softness.
Key Details of the Discovery:
- Physical Properties: The giant gem exhibits a striking purplish-red color with yellowish undertones, excellent vitreous luster, and moderate transparency. It remains entirely in its natural, untreated state.
- Geopolitical Context: Myanmar supplies roughly 90% of the world’s rubies. However, the nation has been embroiled in a devastating civil war since a 2021 military coup—a conflict that has claimed approximately 90,000 lives and displaced over 3.5 million people.
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International News6 hours agoMassive 11,000-Carat Ruby Uncovered In Myanmar
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