National News
Gold consolidates in the $50 range before a decisive move: Augmont Bullion Report
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).
National News
Gold and Silver Surge On U.S. Treasury Debt Buybacks
Front-Month Gold Futures Traded Higher, Hitting Their Strongest Level In Three Months As Debt-Market Dynamics Spurred Safe-Haven and Inflation-Hedge Buying.
On the Multi Commodity Exchange (MCX), gold futures were trading near Rs 1,63,150 per 10 gram while silver futures were around Rs 2,45,700 per kg.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,63,202 per 10 gram, up Rs 320 from the previous close of Rs 1,62,882.The contract was trading at Rs 1,63,136, up Rs 254. During the session, it touched a high of Rs 1,63,202 and a low of Rs 1,62,021. Gold futures had touched their highest level of the year at Rs 1,80,779.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,45,583 per kg, up Rs 1,456 from the previous close of Rs 2,44,127.
Gold and silver futures advanced Wednesday, lifted by a surge in bullion prices to a three-month peak following an unexpected move by the U.S. Treasury to expand buybacks of long-term government debt.
The announcement triggered a pullback in benchmark yields, bolstering investor appetite for non-yielding precious metals across international markets.
Precious Metals Summary
- Gold Advances: Front-month gold futures traded higher, hitting their strongest level in three months as debt-market dynamics spurred safe-haven and inflation-hedge buying.
- Silver Tracks Higher: Silver futures followed suit, posting solid gains in tandem with bullion amid broad dollar softening.
- Global Market Strength: Spot and derivative contracts across major overseas exchanges remained firmly in positive territory, supported by shifting interest-rate expectations.
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