International News
Gold and Silver retreat from highs on profit booking AUGMONT BULLION REPORT
- A record climb towards $3640 (~Rs 107,200) has caused gold to see some profitbooking, halting its longest winning run since March but keeping it close to record highs due to rising demand for safe haven assets and anticipation of US monetary easing.
- A potential Supreme Court battle was set in motion on Wednesday when the Trump administration challenged a court decision that invalidated the majority of his international tariffs. Gold and silver continued to be supported by these additional uncertainties, which also included anxieties about debt and the independence of the Federal Reserve.
- In the meantime, July statistics revealed a greater-than-anticipated decline in US job postings, indicating a worse labour market and supporting speculation of a possible rate decrease in September. For more hints on economic momentum and Fed policy, investors are now waiting for Friday’s nonfarm payrolls report, ADP employment data, and US unemployment claims.
Technical Triggers
- Gold and Silver prices have achieved all short-term targets; prices are expected to continue their profit-booking and consolidation after a sharp run-up.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3500/oz | $3650/oz |
| Indian Gold | ₹103,500 / 10 gm | ₹107,500 / 10 gm |
| International Silver | $40.40/oz | $43/oz |
| Indian Silver | ₹123,000 / kg | ₹130,000 / kg |
International News
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Globally, A Softer US Dollar and Sliding Energy Prices Provided A Strong Tailwind For Precious Metals
Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.
Globally, a softer US dollar and sliding energy prices provided a strong tailwind for precious metals on Thursday. Spot gold advanced 0.4% to $4,450.16 per ounce, while August futures settled at $4,477. In contrast, crude benchmarks trended downward as geopolitical risks premium eased; Brent crude fell 0.85% to $96.87 a barrel, and WTI dropped 0.95% to $95.11. Other precious metals also closed in positive territory, with spot silver, platinum, and palladium gaining 0.8%, 0.2%, and 0.5% respectively.
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MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
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