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
Gold Gains Rs 85 On MCX; Silver Jumps Rs 2,033 On Softer US Inflation Data
Gold Recovered After Opening On A Weak Note, While Silver Extended Its Gains. In International Markets, Gold Eased After Opening Firm, Whereas Silver Continued To Trade Higher.
Gold and silver futures traded higher in the domestic market on Monday, supported by softer US inflation data, declining crude oil prices and easing expectations of further interest-rate hikes by the US Federal Reserve.
Gold recovered after opening on a weak note, while silver extended its gains. In international markets, gold eased after opening firm, whereas silver continued to trade higher.
On the Multi Commodity Exchange (MCX), the benchmark October gold contract opened at Rs 1,51,793 per 10 grams, down Rs 27 from its previous close of Rs 1,51,820. The contract later recovered and was trading at Rs 1,51,905 per 10 grams, up Rs 85. During the session, it touched a high of Rs 1,51,947 and a low of Rs 1,51,461.
Silver futures opened higher, with the benchmark September contract starting at Rs 2,31,799 per kg, up Rs 333 from the previous close of Rs 2,31,466. The contract subsequently climbed to Rs 2,33,499 per kg, recording a gain of Rs 2,033. It touched an intraday high of Rs 2,33,618 and a low of Rs 2,31,660.
In the global market, gold was trading near $4,400 per ounce on Comex, while silver was quoted at around $63.70 per ounce.
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