International News
US economic downturn and rate cuts support gold rally at record highs- AUGMONT BULLION REPORT
Gold posted its longest rally since February on recession fears and rate-cut bets, up nearly 30% this year but still below April’s $3,500 peak.
- Gold held its longest streak of gains since February, driven by fears of a US economic downturn that have fuelled haven demand, along with traders’ bets on lower interest rates.
- With a 90% chance of a cut, traders have placed bets on the Federal Reserve easing monetary policy at its next meeting in September in response to signs of weakness in the largest economy in the world. Bullion that does not pay interest is usually supported by lower interest rates.
- Gold has climbed nearly 30% this year as investors have sought safety amid heightened trade conflicts, geopolitical tensions and eroding trust in dollar-denominated assets. Still, the precious metal has been range-bound over the previous few months, lacking new catalysts to rocket over its record high of about $3500 an ounce hit in April.
Technical Triggers
- Gold has touched its resistance zone of $3440-50 (~Rs 101,350-500), so we might see some profit-booking up to $3390-3400 (~100,000). But if prices sustain above this resistance zone, we might see follow-through buying towards the next psychological level of $3500 (~Rs 103,000).
- Silver is holding up gains after taking support around $36.5 (~Rs 109,000). Upside momentum could continue towards $38.4(~Rs 114,000), taking clues from gold, while profit booking can drag prices to the support zone.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3390/oz | $3500/oz |
| Indian Gold | ₹100,000/10 gm | ₹103,000/10 gm |
| International Silver | $36.5/oz | $38.4/oz |
| Indian Silver | ₹109,000/kg | ₹114,000/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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