International News
Precious Metals retreat as strong US data lifts the Dollar AUGMONT BULLION REPORT
- As robust economic data supported higher interest rates, gold remained below $3800. While durable goods orders unexpectedly increased and initial jobless claims dropped to a two-month low, the US GDP was revised higher to represent a 3.8% rise in Q2. As a result, the opportunity cost to store bullion decreased, reducing forecasts of three rate reductions by the Fed this year.
- In the meantime, further tariff threats strengthened gold’s appeal as a safe-haven. US President Donald Trump announced intentions to apply duties starting on October 1 that would include 25% on heavy-duty vehicles, 50% on kitchen cabinets, 30% on upholstered furniture, and 100% on imported branded pharmaceuticals.
- $10.5 billion was invested in gold exchange-traded funds (ETFs) in September, bringing the total amount invested to about $50 billion so far this year.
- On the other hand, China wants to establish itself as the guardian of sovereign gold reserves held by other countries, which might increase its power in the world bullion market.
Technical Triggers
- I expect a price retracement anytime soon. Silver must break below $44.50 to show a correction, while Gold must sustain below $3750, indicating further profit-booking to $3600.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3750/oz | $3825/oz |
| Indian Gold | ₹112,200 / 10 gm | ₹114,200 / 10 gm |
| International Silver | $44.5/oz | $45.5/oz |
| Indian Silver | ₹133,700 / kg | ₹137,500 / kg |
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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