International News
Silver kicks off with vigour safe-haven demand, inflation concern
Silver kicked off the week with renewed vigor, reversing Friday’s pullback from its all-time high near $64.65. Fresh buying emerged around the 100-hour Simple Moving Average (SMA), propelling the white metal above the mid-$62.00s during the Asian session—marking a 1.25% daily gain.
This bounce reinforces the multi-week uptrend, driven by safe-haven demand amid geopolitical tensions, persistent inflation concerns, and industrial demand from solar and electronics sectors.
- Support and Bounce Dynamics: The 100-hour SMA acted as a reliable floor, with prices rebounding sharply. Breaking back above the $62.00 psychological level confirms bullish control, targeting intermediate resistance at $63.50 (near Friday’s high) and the all-time peak at $64.65.
- Uptrend Integrity: Silver remains within a well-defined ascending channel on the 4-hour chart, with the 50-hour SMA now providing dynamic support near $61.80. A sustained hold here could eye $65.00 in the near term
Geopolitical risks (e.g., Middle East tensions) and a weakening USD (DXY below 105) bolster silver’s appeal over gold, especially for industrial users in India amid rising import duties on lab-grown alternatives. However, Fed rate cut expectations could cap gains if data softens. Bulls hold the edge for now—favor dips for longs—but avoid aggressive bets until RSI cools.
Jewellery Sector Implications: With MCX silver mirroring spot gains, Indian wholesalers may see margin relief. Monitor for $63+ breakouts to hedge physical inventory.
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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