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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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MCX Gold Futures Traded Flat,Silver Prices Decline

​A Firm U.S. Dollar and Elevated U.S. Treasury Yields Kept Precious Metals Under Pressure As Investors Maintained A Cautious Stance

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Domestic gold futures traded flat on Tuesday while silver prices moved lower, dragged down by a stronger U.S. dollar and elevated bond yields, even as surging crude oil prices driven by escalating Middle East tensions offered underlying support. 

​MCX gold futures were virtually unchanged at Rs 151,101 per 10 grams, while silver futures slipped 0.37% to Rs 231,830 per kg.

​A firm U.S. dollar and elevated U.S. Treasury yields kept precious metals under pressure as investors maintained a cautious stance ahead of the Federal Reserve’s upcoming interest rate decision. However, sharp gains in energy markets limited deeper losses in bullion. 

​Crude oil rallied to three-month highs following fresh military escalations between the U.S. and Iran. Brent crude futures traded near $107 per barrel, while West Texas Intermediate (WTI) hovered around $103 per barrel.

​In retail physical markets, domestic 24-carat gold held steady around indicative levels of Rs 154,080 per 10 grams, while silver was quoted near Rs 244,900 per kg, subject to regional taxes and making charges.

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