International News
Silver surges to $62.9 on Fed rate cut, industrial demand
Silver extended its winning streak to three consecutive sessions on Thursday, climbing to $62.9 during Asian trading hours. The precious metal’s sharp ascent follows the U.S. Federal Reserve’s widely anticipated 25-basis-point interest rate reduction, which catalyzed aggressive bullish positioning among traders despite market expectations.
Domestic markets reflected the international rally with equal intensity. On India’s Multi-Commodity Exchange (MCX), silver futures surged Rs 5,500—a substantial 2.84% gain—to reach Rs 1,94,000 per kilogram. The contract briefly touched Rs 1,93,720 per kg during intraday trading.
This week, silver has gained over 7%, with month-to-date gains hitting nearly 10%. Minor pullbacks, such as the dip from $62.9, occurred on low volume, showing that selling pressure is limited. The 20-day EMA at $61.6, which had been resistance, now acts as solid support. Investors are defending these levels, keeping silver firmly in bullish territory.
Even with the Fed’s cautious stance, the macro backdrop favors silver. Jerome Powell noted that inflation remains high, but employment risks have grown, leaving investors optimistic about future rate cuts in 2026. Weak real yields, a softening dollar, and cautious market sentiment amid AI sector uncertainty are all reinforcing silver’s appeal.
Beyond monetary policy tailwinds, analysts attribute silver’s robust performance to surging industrial consumption across critical sectors. rally underscores both global monetary easing sentiment and the fundamental shift in silver’s industrial demand profile
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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