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 Surge As Middle East Diplomacy Advances AUGMONT BULLION REPORT
Silver Surged Over 6% To Above $78, While Gold Rose Approximately 3% To Trade Near $4,700.
Safe-Haven Dynamics – Silver surged over 6% to above $78, while Gold rose approximately 3% to trade near $4,700. The primary driver was easing Middle East tensions, which pressured oil prices lower and reduced inflation concerns. Both Iran and the US are engaging mediators to finalise a one-page, 14-point memorandum of understanding, intended to establish a framework for a month-long negotiation process aimed at ending the conflict.
Geopolitical Developments – The White House is reportedly close to a deal with Iran, marking the most significant diplomatic progress since the conflict began. The proposed agreement would require Iran to accept enhanced UN inspections, suspend nuclear enrichment for 12–15 years, potentially relocate highly enriched uranium, and restrict underground nuclear facilities. In return, the US would phase out sanctions and release billions in frozen Iranian assets.
Macro-economic Signals – The US ADP report released Wednesday showed private-sector payrolls expanded by 109K in April, up from a downwardly revised 61K in March. The above-consensus reading signals continued, if uneven, labour market resilience. Meanwhile, CME FedWatch data indicates markets are still assigning meaningful probability to a Fed rate hike before year-end.
Technical Triggers
- Gold has recovered from the $4,500–4,550 (~ Rs. 1,49,000) support zone, with resistance now targeted at $4,800–4,850 (~ Rs. 1,55,000).
- Silver has met the $78 (~Rs. 2,56,000) upside target; subsequent resistance levels stand at $80 (~Rs. 2,60,000) and $82 (~Rs. 2,65,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4500/oz : $4850/oz : Rs. 148,000/10 gm : Rs. 155,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $73/oz : $82/oz : Rs. 240,000/kg : Rs. 265,000/kg |
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