International News
Silver touches a new high above Rs 190K, ahead of the FED meeting AUGMONT BULLION REPORT
- Gold is trading in a range, while silver has reached a new high of $62 (~Rs 190,000/kg). Markets are anticipating a Federal Reserve interest rate cut later in the day, as well as firmer signals on policy direction through 2026.
- The market anticipates a 25-basis-point hawkish cut, with Chair Jerome Powell expected to warn caution on future easing due to persistent inflation.
- Fresh data revealed resilience in the US labor market, with job postings continuing a sequence of higher-than-expected readings, while ADP data suggested a resurgence in private hiring in late November, complicating the Fed’s view.
- Meanwhile, central banks continued to be net buyers of gold, with China increasing its reserves for the 13th month in a row to approximately 74.12 million troy ounces.
Technical Triggers
- Gold continues to consolidate in a range, with resistance at $4300 (~Rs 131,400) and strong support at $4200 (~Rs 129,000). Buy on dips and Sell on rallies.
- Silver has achieved the target of $60 (~Rs 185,500) and $62 (~Rs 190,000). Book profit and stay sidelines ahead of FED meeting.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4200/oz | $4300/oz |
| Indian Gold | Rs 129,000/10 gm | Rs 131,400/10 gm |
| International Silver | $57/oz | $62/oz |
| Indian Silver | Rs 177,000/kg | Rs 191,000/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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