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Precious Metals steady amid strong US data AUGMONT BULLION REPORT

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  • As investors continued to reduce their bets on US rate cuts, gold prices hovered around a four-week low, staying around $4000.
  • While the ISM Services PMI reached an eight-month high, US private ADP payrolls increased by 42,000 in October, above projections of a 25,000 increase. Given that inflation is currently higher than expected and that important labor data is being delayed by the government shutdown, the numbers confirmed forecasts that there is little opportunity for further rate decreases.
  • The longest U.S. government closure in history is the result of a congressional impasse, forcing markets and the data-dependent Fed to rely on private sector statistics.
  • A number of Fed officials have been speaking in a hawkish manner lately, which is consistent with Chair Powell’s recent comments that the most recent rate cut may be the final one for the year.

Technical Triggers 

  • Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,500) for the next few days, so buy on dips and sell on rallies.
  • Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.

Support and Resistance

CategorySupport LevelResistance Level
International Gold$3,900/oz$4,060/oz
Indian Gold₹117,500 / 10 gm₹122,500 / 10 gm
International Silver$45.5/oz$49/oz
Indian Silver₹140,000 / kg₹150,000 / kg

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International News

De Beers Group Announces Changes to Executive Committee

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De Beers Group today announced changes to its Executive Committee, with current Chief Operating Officer, Burger Greeff, retiring at the end of the year following three decades of exceptional service. Kevin Smith, currently Executive Vice President, Corporate Affairs & Strategy, will become Interim Chief Operating Officer, while Eirik Waerness, currently Senior Vice President & Chief Economist, will move into the role of Acting Executive Vice President, Corporate Affairs & Strategy, both effective from 1 December 2025.

Burger joined De Beers Group in August 1993 as a Senior Research Officer at De Beers Consolidated Mines. Over his career with De Beers, Burger has held numerous pivotal leadership roles across the business, including Senior Research Manager: Strategic, General Manager at De Beers Marine SA, and Executive Head of Technical & Sustainability. His leadership has spanned technical innovation, operational excellence, and sustainability.

Kevin joined De Beers in 1996 and has held many leadership roles across both De Beers and Anglo American, including operational, technical and commercial positions. Most recently, as Executive Vice President of Corporate Affairs & Strategy, Kevin has been instrumental in leading the delivery of the Origins strategy. Prior to that, Kevin played a key role in developing the Upstream Origins strategy, as well as leading the organisational redesign programme across the Group.

Eirik joined De Beers Group on 1 September 2025 as Senior Vice President and Chief Economist, Head of Global Market and Price Analysis. Eirik joined De Beers Group from Equinor in Norway, where he held the role of Chief Economist for the past 12 years, as well as a period as Head of Strategy. Eirik’s vision, influence, and analytical expertise have already helped to shape strategic direction at De Beers Group, and in his new position Eirik will expand his portfolio of responsibility to cover Global Communications, Government Affairs, Strategy & Business Development and Global Market and Price Analysis.

Al Cook, CEO of De Beers Group, said: “As Chief Operating Officer, Burger has brought integrity, strategic foresight, and unwavering commitment to our purpose. His contributions have helped shape the future of our operations and inspired many across the business. Burger’s legacy is one of excellence, humility, and service, and I extend my heartfelt thanks to Burger for his outstanding leadership.

“With Burger’s departure, I am delighted that Kevin Smith, a highly respected leader with an outstanding track record of delivery, will take over the leadership of our operations. He brings a wealth of experience and a range of skills from nearly 30 years in the business, including working alongside our government partners in Botswana and in Namibia to drive success in our joint venture businesses.

“Moreover, I welcome Eirik to the De Beers Executive Committee as he moves into the role of Acting Executive Vice President, Corporate Affairs & Strategy. With more than 12 years in chief economist roles and board experience across three major Norwegian government institutions, he brings a unique perspective shaped by global markets and institutional governance, and I very much look forward to benefitting from his expertise in his new role.”

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