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
Precious Metals Surge On Ceasefire Optimism AUGMONT BULLION REPORT
Geopolitical Optimism and Macro Shifts Drive Bullish Momentum
Safe-Haven Dynamics – Gold is expected to gain 1% and Silver 4% this week, marking a fourth straight weekly increase. This rise is driven by improving prospects of a permanent US-Iran ceasefire, which has reduced inflation concerns and lowered expectations of further central bank rate hikes.
- Geopolitical Developments– President Trump stated that Iran has agreed to key conditions: abandoning its nuclear weapons program, providing “free oil,” and keeping the Strait of Hormuz open. However, Iranian officials have not yet confirmed these terms. Separately, Israel’s cabinet convened on Wednesday to evaluate a potential ceasefire in Lebanon, over six weeks into its ongoing conflict with Iran-backed Hezbollah.
- Macro-economic Signals – Oil prices have dropped sharply on optimism surrounding a possible Iran deal, easing inflationary pressure, and reducing rate hike expectations. US traders currently assign a 29% probability to a 25-basis-point rate cut this year – a significant downward revision from earlier forecasts of two cuts before the conflict began.
Technical Triggers
- If Gold sustains above $4,850 (~ Rs. 1,55,000), the next upside resistance would be $5,000 (~ Rs. 1,60,000).
- As suggested earlier, Silver has given a breakout above $76.50 (~ Rs. 2,44,000), the next resistance would be $82 (~ Rs. 2,57,000) and $87 (~ Rs. 2,65,000) on continued strength.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4600/oz : $5000/oz : Rs 153,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $70/oz : $82/oz : Rs 225,000/kg : Rs 257,000/kg |
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