Silver climbs to new high above $54 and US shutdown ends AUGMONT BULLION REPORT

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4 months ago

November 13, 2025

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A budget bill to reopen the government was approved by President Donald Trump today, ending the longest closure in US history. With the support of almost all Republicans and a small number of Democrats, the bill was approved by the House in a vote of 222-209. In addition to providing funding for a few important agencies through fiscal year 2026, the agreement creates a new funding cliff in Congress on January 30.
As investors sought to protect themselves against global concerns with precious metals, silver surged more than 5% to above $54, moving closer to an all-time high set last month and taking this week’s gains to about 12%. The USDA highlighted the significance of silver, copper, and metallurgical coal to the economy and national security by adding them to its list of “critical minerals” last week.
After Japan’s new prime minister stated that she wants the central bank to take its time raising interest rates, the yen plunged to a record low against the euro and hovered at a nine-month low against the dollar.

Technical Triggers

Gold continues its upside, crossing $4200, with next target resistance at $4300 (~Rs 130,000) with support at $4100 (~Rs 123,500)

Silver has touched record high prices crossing $54 (~Rs 164,000), now next target resistance lies at $55(~Rs 168,500) and $56 (~Rs 172,000) and support at $52.85 (~Rs 164,000)

Support and Resistance

Category	Support Level	Resistance Level
International Gold	$4,100/oz	$4,300/oz
Indian Gold	₹1,23,500/10 gm	₹1,30,000/10 gm
International Silver	$52.85/oz	$56/oz
Indian Silver	₹1,64,000/kg	₹1,72,000/kg

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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.

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15 hours ago

February 27, 2026

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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.