International News
Silver trades at a 14-year high on trade policy uncertainty AUGMONT BULLION REPORT
Due to trade policy uncertainties, silver has hit a 14-year high on global markets and a lifetime high on domestic markets, with a breakout trading above $37.5 (~Rs 110,000). In the face of growing trade tensions, demand for safe-haven assets drove gold’s price up to about $3340 (~Rs 97000).
- President Donald Trump indicated plans to impose blanket tariffs of 15–20% on the majority of foreign trading partners and declared a 35% tariff on Canadian goods beginning August 1. Additionally, President Trump announced this week in a letter to Brazil that the nation will be subject to a 50% duty on commodities imported into the United States.
- Concerns about longer-term inflation expectations were also aroused by Trump’s demand for a 300-basis point reduction in the Fed funds rate, which stoked rumours of a dovish Fed nominee the following year. Markets have priced in two rate cuts this year, but rate futures indicate that a hold is likely to be agreed upon at the next meeting.
Technical Triggers
- Gold continues to trade in the range of $3300 (~Rs 96250) and $3400 (~Rs 98500). If prices sustain below $3280 (~Rs 96000), weakness could further extend to $3200 (~Rs 94000).
- Silver has given a breakout of its range of $37.5 (~Rs 108,500) and $35.5 (~Rs 105,000). The next target is $38 (~Rs 111,000) and $40 (~Rs 115,000).
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3280/oz | $3370/oz |
| Indian Gold | ₹96,000 / 10 gm | ₹97,700 / 10 gm |
| International Silver | $35.5/oz | $37.5/oz |
| Indian Silver | ₹1,05,000 / kg | ₹1,10,000 / kg |
International News
Natural Diamonds Cut In Europe Will No Longer Face US Import Tariffs, Decision Is Expected To Benefit Antwerp
The Main Reason Was That The US Does Not Have A Domestic Diamond Mining Or Cutting Industry That Needs Protection From European imports.
Natural diamonds cut in Europe will no longer face US import tariffs after the US government removed the 10% duty that had been in place for the past six months.
The decision is expected to benefit Antwerp, Europe’s largest diamond cutting and trading hub. According to the Antwerp World Diamond Centre (AWDC), Belgium exported $2.1 billion worth of polished diamonds to the US in 2024.
The exemption was first introduced in September 2025 after discussions between the AWDC and the European Commission. The main reason was that the US does not have a domestic diamond mining or cutting industry that needs protection from European imports.
The reasons for granting the exemption remain unchanged- no diamonds are mined or cut in the US, so there is no local industry that requires tariff protection.
The earlier exemption ended in February 2026 after the US Supreme Court ruled that President Donald Trump’s reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA) were unlawful. The US government then imposed a temporary 10% import surcharge under Section 122 of the Trade Act, which also applied to European polished diamonds.
After this surcharge expired on July 24, the US introduced new tariffs under Section 301 of the Trade Act. These tariffs target countries that do not have adequate measures to prevent imports linked to forced labor. However, natural diamonds cut in Europe have been exempted from these tariffs.
According to the US Trade Representative (USTR), the European Union is still strengthening its forced-labor regulations, which are expected to be fully implemented by December 2027.
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