International News
Silver slips after strong rally, bears eye $34
US spot silver reached a five-month high of $34.58 before experiencing a significant pullback towards the $34.00 level. This suggests profit-taking by traders and a reduction in exposure ahead of potentially volatile US macroeconomic releases.
The price action indicates a breach of the initial support level at $34.23, the March 18 peak. This breach signals potential for further downward momentum.Traders are exhibiting caution, likely due to the anticipation of upcoming US economic data, which could significantly impact the US Dollar and, consequently, the price of silver.
Key Support and Resistance Levels:Support: $34.23 (breached), $33.51 (March 26 daily low), $33.00.Resistance: $34.25, $34.58 (YTD high), $35.00.
The recent price action suggests a shift in short-term momentum from bullish to bearish.A daily close below $34.23 is a critical indicator of potential further downside.The next support levels at $33.51 and $33.00 are crucial for determining the extent of the pullback.Conversely, if XAG/USD manages to hold above $34.25, it could signal a resumption of the bullish trend, with the YTD high of $34.58 and the $35.00 level as potential targets.
US Macroeconomic Data: Upcoming US economic releases will be a significant driver of XAG/USD price action. These releases will influence the strength of the US Dollar, which has an inverse relationship with silver prices.Trader Positioning: The recent pullback suggests traders are unwinding long positions and reducing risk exposure.
Gold Price Correlation: Silver often exhibits a strong correlation with gold prices. Movements in gold will likely influence XAG/USD.Global Economic Uncertainty: Ongoing global economic uncertainty, including geopolitical tensions, can drive safe-haven demand for precious metals like silver.
International News
Gemfields revenue down 32% in 2025 revenue
Revenue plunges as ruby and emerald demand weakens amid operational disruptions
Colored precious stones miner Gemfields reported a 32% drop in 2025 revenue to $135.1 million as operational disruptions and weak demand for rubies and emeralds weighed on performance.
The company said EBITDA fell 85% to $6.2 million from $43.2 million, reflecting reduced production, fewer auctions and softer market conditions. Seven auctions generated $129 million during the year, as limited gemstone availability and uneven demand offset resilient pricing at the high end.
Operations at its Montepuez ruby mine in Mozambique were hit by persistently low recovery of premium rubies and rising illegal mining activity. Two police officers were killed in October when illegal miners stormed the site. The company also flagged delays to its new $70 million processing plant, with commissioning now expected to run well into the first half of 2026, constraining near-term output despite production beginning in September 2025.
On the plus side, Gemfields said it had cut group operating costs by 17%. It also sold the iconic Faberge brand for $50 million to reduce mounting debts and raise working capital for expansion projects.
At the Kagem emerald mine in Zambia, Gemfields suspended mining from January to May in response to weak auction results, softer global demand, particularly in China, and oversupply from a competing Zambian producer.
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