National News
Gold continues its winning streak : Augmont Bullion report
Gold continues its winning streak
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).
National News
Bullion Outlook Stays Bullish; Silver Seen Cheaper Than Gold
Renewed Buying In Precious Metals, A Softer US Dollar and Easing Inflation Concerns Have Supported The Latest Recovery
Gold and silver extended their gains on Friday, keeping the bullion outlook firmly positive, with analysts viewing silver as relatively cheaper than gold and offering further upside potential.
On the MCX, gold rose Rs 324, or 0.20%, to Rs 1,59,320 per 10 grams, after touching an intraday high of Rs 1,59,741. Silver climbed Rs 2,699, or 1.12%, to Rs 2,43,350 per kg, hitting a high of Rs 2,44,950. Silver also staged a strong recovery from its intraday low of Rs 2,39,049.
renewed buying in precious metals, a softer US dollar and easing inflation concerns have supported the latest recovery. Lower crude oil prices have reduced fears of further US Federal Reserve rate hikes, while continued central-bank gold purchases and ETF inflows are adding strength to the market.
Market participants will now closely track US Fed commentary, including Chair Kevin Warsh’s remarks at the Jackson Hole Symposium, for cues on the future interest-rate path.
With gold near record-high levels, analysts see silver as relatively undervalued, keeping the white metal firmly on investors’ radar.
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