International News
Zambia Lifts 15% Export Duty on Precious Gemstones
Gemfields Group Limited has expressed strong support for the Zambian government’s decision to suspend the 15% export duty on precious gemstones and metals, a move expected to significantly boost the country’s emerald industry. The suspension, announced by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, is effective immediately, meaning the duty will no longer apply to emeralds mined by Kagem Mining Limited. The company is majority-owned by Gemfields (75%) with the remaining 25% held by Zambia’s Industrial Development Corporation.
Gemfields CEO, Sean Gilbertson, lauded the government’s swift action, stating, “We express our sincere thanks to President Hakainde Hichilema’s government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. The Zambian emerald sector has experienced exceptional growth over the past 16 years and is now the world’s largest emerald exporter. This decision signals a clear commitment to fostering growth and job creation in Zambia, putting our industry back on track for continued success.”
International News
Precious Metals consolidate after FED rate cut and US-China trade deal AUGMONT BULLION REPORT
- A US-China trade agreement and waning expectations of rate cuts by the Federal Reserve are driving the consolidation of gold and silver prices, which are headed for a second consecutive weekly decline.
- For the second time this year, the U.S. central bank lowered interest rates by a quarter of a percentage point on Wednesday, bringing the benchmark overnight rate between 3.75% and 4.00%. However, following comments by Fed Chair Jerome Powell, traders reduced their bets that the Fed would lower rates once more at its upcoming policy meeting in December.
- President Trump reduced fentanyl duties to 10%, and Beijing promised to reduce production and resume US soybean purchases as part of a one-year trade deal on rare earths and key minerals.
- Moreover, Kazakhstan led the world’s central banks in purchasing 220 tons of gold in Q3, up 28% from the previous quarter, while Brazil made its first purchase in more than four years.
Technical Triggers
- Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,000) for the next few days, so buy on dips and sell on rallies.
- Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3900 / oz | $4060 / oz |
| Indian | ₹117,500 / 10 gm | ₹122,000 / 10 gm | |
| Silver | International | $45.5 / oz | $49 / oz |
| Indian | ₹140,000 / kg | ₹150,000 / kg |
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