International News
Gold and Silver rebounds on bargain hunting and US partial shutdown AUGMONT BULLION REPORT
- Gold and silver have rebounded nearly 10% from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting. The shutdown began after Congress failed to fund the Labor Department and other agencies, adding short-term uncertainty.
- The sharp correction—around 25% in gold and 45% in silver from recent highs—has attracted strong physical buying from investors who were waiting for meaningful price retracements to accumulate precious metals.
- Meanwhile, the US–India trade deal has supported the Indian rupee, with USD/INR appreciating toward 90.20, up nearly 1%. While tariff cuts to 18% improve trade relations, reduced uncertainty and a stronger rupee may temporarily cap domestic gold and silver prices by easing safe-haven demand and lowering import costs, despite supportive long-term fundamentals.
Technical Triggers
- Gold prices may extend the ongoing rebound toward $5,000 (~Rs.155,000), with strong support seen near $4,600 (~Rs.139,000).
- Silver is attempting to build a base and is expected to consolidate in the $72–$87 range (~Rs.225,000–Rs.270,000). A buy-on-dips and sell-on-rallies strategy is advisable within this range amid elevated volatility.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4600 / oz | $5000 / oz |
| Gold | India | ₹139,000 / 10 gm | ₹155,000 / 10 gm |
| Silver | International | $72 / oz | $87 / oz |
| Silver | India | ₹225,000 / kg | ₹270,000 / kg |
source: AUGMONT BULLION REPORT
International News
Precious Metals Gain As Crude Prices Weaken
Slumping Crude Prices and A Weaker Greenback Offer Support To Gold and Silver, Even As Federal Reserve Interest-Rate Uncertainty Looms
Gold and silver prices edged higher on Monday morning, finding support in a softening U.S. dollar and a sharp retreat in global energy prices after President Donald Trump announced that Washington would enter diplomatic talks with Tehran.
The prospect of a diplomatic breakthrough in the Middle East provided immediate relief to global markets, driving crude oil benchmarks down more than 5% to trade near $83 per barrel. The decline in energy costs helped alleviate broader fears of persistent, energy-driven inflation, while the U.S. Dollar Index slipped 0.50% to 99.42—falling below the key 100 mark and making dollar-denominated bullion more attractive to international buyers.
On India’s Multi Commodity Exchange (MCX), gold futures for October delivery traded up 0.13% at Rs 1,43,557 per 10 grams during early deals. Silver futures for September delivery rose 0.40% to Rs 2,18,061 per kilogram.
The market shift follows statements from President Trump over the weekend indicating that discussions with Iranian officials would take place on Monday. While Mr. Trump set no firm deadline for an agreement, the move raised hopes for a resolution regarding the impasse over Iran’s nuclear ambitions and a potential agreement to guarantee safe passage through the vital Strait of Hormuz.
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