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
MCX Gold, Silver Edge Higher, Comex Gold Moves To $23.30 To Reach $4,113.80/oz
The Uptick Reflects Cautious Optimism Among Global Traders Following Diplomatic Signals That Washington and Tehran May Be Nearing A Resolution Regarding Key Maritime Passages
Gold and silver prices pushed higher Tuesday as commodity investors calibrated market expectations around U.S.-Iran diplomatic discussions and the prospect of reopening the strategic Strait of Hormuz.
On the Comex division of the New York Mercantile Exchange, gold futures rose $23.30, or 0.6%, to trade near $4,113.80 per ounce. Silver futures picked up $1.03 to settle near $58.88 per ounce.
The momentum spilled into Asian markets. On India’s Multi Commodity Exchange (MCX), benchmark October gold contracts climbed Rs 644 from the previous close to open at Rs 1,43,559 per 10 grams, eventually rising to Rs 1,43,607 per 10 grams during morning trade. September silver contracts on the exchange gained momentum as well, advancing Rs 2,404 to reach Rs 2,19,150 per kilogram.
In global trading on the Comex, gold rose $23.30 to reach $4,113.80 per ounce, while silver advanced $1.03 to $58.88 per ounce. Domestically on India’s MCX exchange, October gold contracts gained Rs 692 to trade at Rs 1,43,607 per 10 grams, while September silver contracts climbed Rs 2,404 to Rs 2,19,150 per kilogram.
The uptick reflects cautious optimism among global traders following diplomatic signals that Washington and Tehran may be nearing a resolution regarding key maritime passages. A potential reopening of the Strait of Hormuz—a crucial transit hub for global commodity transport—has prompted shifts in energy and precious metal risk premiums across international markets.
Despite Tuesday’s modest rebound, both metals continue to trade significantly below their high-water marks for the year. Comex gold previously touched a year-to-date peak of $5,586.20 per ounce, while silver reached $121.79 per ounce during earlier market surges.
MCX Gold, Silver Edge Higher, Comex Gold Moves To $23.30 To Reach $4,113.80/oz
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