International News
A world of extreme uncertainty sparks gold to cross $3200: AUGMONT BULLION REPORT
- Gold’s haven status has been underlined this week as it approaches $3240 (~Rs 92400). President Donald Trump’s flip-flopping message on his tariff plan sparks frenzied selloffs for US stocks, Treasuries, and the currency, as worries of a global recession grip Wall Street.
- Even after his 90-day tariff freeze on higher levies that struck dozens of trade partners, charges on all Chinese imports have risen to at least 145%, with Beijing threatening to retaliate with 84% tariffs.
- The Dollar Index has fallen below 100 as central banks around the world sell US bonds and increasingly buy gold.
- Tensions between the two countries have reignited fears of a US recession on the way. On Thursday, statistics indicated that underlying US inflation fell broadly in March, with traders now pricing in expectations for three interest-rate cuts in the remainder of the year, with the possibility of a fourth.
Technical Triggers
| Metal | Current Trend | Support Level | Buying Opportunity Zone | Target / Resistance Level |
|---|---|---|---|---|
| Gold | Rallied from $3000 to $3240 in 2 days | — | — | $3300 (~Rs 95,000) |
| Silver | Strong support around $29 (~Rs 87,000) | $29 (~Rs 87,000) | Below $30 (~Rs 89,000) | $32 (~Rs 94,000) |
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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