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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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Gold Futures Rise To Rs1.55 Lakh As Demand Strengthens

Gold Prices Also Moved Higher Internationally. Gold Futures In New York Advanced 0.40% To $4,394.01 An Bounce, Reinforcing The Positive Trend In Domestic Markets.

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MCX  Gold futures extended their gains supported by firm spot-market demand and fresh buying by market participants.

On the MCX), gold contracts for October delivery rose Rs 676, or 0.44%, to Rs 1,55,182 per 10 grams. Trading volume stood at 1,111 lots.Analysts attributed the rise to the creation of fresh positions by speculators, alongside steady demand in the physical market.

Gold prices also moved higher internationally. Gold futures in New York advanced 0.40% to $4,394.01 an ounce, reinforcing the positive trend in domestic markets.The latest move keeps bullion firmly in focus as traders track physical demand and shifts in speculative positioning for further direction.

On the other hand, crude oil prices corrected but stayed elevated. US WTI crude is volatile but above $82 per barrel and Brent crude is marginally up and near $89 per barrel. Natural gas price plunged by 2.5%, while gasoline prices have also corrected.

Data released last week pointed to tame US inflation, while consumer sentiment and retail sales weakened. Markets now see roughly a one-in-three chance of a Fed rate hike in September, down from nearly 50% before the data. Investors are now awaiting the FOMC’s latest meeting minutes and Fed Chair Kevin Warsh’s speech at the Jackson Hole symposium for further guidance


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