International News
Precious Metals top out after FED rate cut AUGMONT BULLION REPORT
Following the FED’s rate cut this week, the price of gold and silver has begun to decline. Although the Fed opened the door to additional easing and restarted rate decreases on Wednesday, it temperingly warned of sticky inflation, raising questions about how quickly future easing will proceed.
The U.S. central bank released revised economic projections in conjunction with the policy decision, predicting 1.6% growth this year, 1.8% growth in 2026, and 1.9% growth in 2027.
In reaction to the deteriorating labor market, Fed Chair Jerome Powell described the policy decision as a risk-management cut and stated that the central bank was in a “meeting-by-meeting situation” with regard to the rate outlook.
Technical Triggers
- Gold Oct Futures seems to have topped out, and if it sustains below $3700 (~Rs 109,500), then we could only see further profit booking up to $3650(~Rs 108,000) and $3600 (~Rs 106,500).
- Silver Nov Futures also seems to have topped out around $43, the next target is $41(~Rs 123,500). Sell on rallies.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3650/oz | $3750/oz |
| Indian Gold | ₹108,000/10 gm | ₹110,500/10 gm |
| International Silver | $41/oz | $43/oz |
| Indian Silver | ₹123,500/kg | ₹130,500/kg |
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.
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