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Gold continues its winning streak : Augmont Bullion report

Gold continues its winning streak

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Gold maintains its winning streak above $3025 (~Rs 88500) as Trump’s tariffs are projected to exacerbate inflation and economic turmoil. Trump said he would hold Iran accountable for any strikes carried out by the Houthi group it supports in Yemen, as his administration escalated the largest US military operation in the Middle East since Trump came to the White House.

Central banks’ accumulation of gold reserves, inflation concerns, and rising demand after the pandemic have contributed to the surge in gold prices.

The Fed is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting on Wednesday.

Technical Triggers      

Gold Apr Futures after achieving the $3000 (~Rs 88000) milestone, now is expected to extend this run up towards $3035 (~Rs 88800) and $3080 (~Rs 90000) in the coming weeks. After that, we can see some retracement and profit-booking, which can extend down to $2800 and $2700 maximum.While Silver May Futures has also climbed above $34(~Rs 100,000) on strong demand, the next resistance for the prices is $35(~Rs 103,000).

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National News

Domestic Gold Futures Decline On Weak Spot Demand and A Stronger US Dollar

International bullion remains on track for a positive monthly close.Geopolitical tensions, safe-haven interest, and US interest-rate expectations continue to floor global prices.

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Domestic gold futures dipped to Rs. 1,44,022 per 10g under pressure from weak spot demand and a stronger US dollar. In contrast, physical spot gold in Delhi’s retail market edged up by Rs. 300 to reach Rs. 1,48,300 per 10g, bolstered by fresh buying from retailers and jewellers. Meanwhile, domestic silver (inclusive of taxes) held firm and unchanged at Rs. 2,24,700 per kg, reflecting range-bound trading amid mixed market cues.

Domestic Strength vs. Futures Pressure

  • Spot Demand Near Highs: Domestic physical gold hovered near record levels, getting a boost from fresh retail purchases and jeweller demand in Delhi.
  • Futures Soften: MCX/Domestic futures experienced downward pressure driven by a stronger US dollar and localized spot weakness.

2. Global Bullion Dynamics

  • First Monthly Gain in 5 Months: Despite mild profit-taking, international bullion remains on track for a positive monthly close.
  • Core Support: Geopolitical tensions, safe-haven interest, and US interest-rate expectations continue to floor global prices.

3. Macro Headwinds: Crude Oil & US Data

  • Crude Oil Rebound: Rising Brent and WTI prices revived broader inflation worries, dampening investor risk appetite for gold and capping upside potential.
  • Fed Rate Triggers: Markets are sitting tight ahead of crucial US economic indicators, specifically consumer sentiment, inflation expectations, and employment cost data.
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