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Gold consolidates in the $50 range before a decisive move: Augmont Bullion Report

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Gold prices are consolidating in a range between $2885 and $2935, spurred by a weaker US dollar and safe-haven flows as fears about the US economy grow amid growing trade tensions.

Concerns over a probable economic slowdown were heightened after President Donald Trump stated that the US economy was in a moment of transition while refusing to rule out the chance that his policies would create a recession.

This comes after the United States delayed imposing 25% tariffs on several Canadian and Mexican imports for a month, while Canada maintained its first retaliatory measures. China also levied further duties on some American agriculture products in reaction to Trump’s latest tariff increases on Chinese imports. Meanwhile, Fed Chair Jerome Powell acknowledged increased economic uncertainties but expressed no need to decrease interest rates.

Investors are now looking forward to US inflation statistics later this week, which may impact the Fed’s monetary policy position.

Technical Triggers      

Gold prices are consolidating in a range between $2885(~Rs 85400) and $2935(~Rs 86200), prices need to break this range for decisive move towards upside momentum of $2975 (~Rs 87000). 

Silver May Futures is gaining strength and if sustains above $330(~Rs 96700), the next target is $340(~Rs 100,000), and once it sustains above that, it can head higher towards $350(~Rs 103,000).

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National News

Gold, Silver Decline Further, MCX Silver Crashed To Hit Day’s Low

Globally, Spot Gold Is Struggling, Trading Below The $4,000 Mark and Hitting An 8-Month Low.

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MCX gold prices fell by at least Rs 1,416, reaching an intraday low of Rs 1,41,115 per 10 grams. Globally, spot gold is struggling, trading below the $4,000 mark and hitting an 8-month low. 

MCX silver took a massive hit, crashing by Rs 5,662 to reach a daily low of Rs 2,22,901 per 1Kg. Spot silver followed a similar trend, plunging nearly 2% to a 7-month low of $57.6 per ounce

The primary catalyst for this downturn is robust US economic data, which has demonstrated the economy’s resilience and cemented market expectations that the Federal Reserve will implement interest rate hikes this year. 

Key economic indicators influencing this shift include:

Strong Employment: The latest JOLTS report revealed that US job openings have surged to a two-year high. Additionally, market analysts are anticipating another solid increase in the upcoming June non-farm payrolls. 

Unknown

Persistent Inflation: According to a report by Trading Economics, recent core inflation readings are maintaining levels significantly above the Federal Reserve’s target of 2%. 

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