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
MCX Gold Futures Open Marginally Lower, Silver Prices Move Higher
Gold and Silver Are Consolidating As Expectations Of Rates Staying Higher For Longer Keep Sentiment In Check, With Markets Awaiting Fresh Cues From Fed Officials
Gold futures opened marginally lower on India’s Multi Commodity Exchange (MCX) on Wednesday, while silver prices moved higher, taking cues from international markets where lower crude oil prices provided underlying support to precious metals.
Oil prices fell for a sixth straight session following comments from U.S. President Donald Trump regarding productive diplomatic engagements with Iranian officials, easing geopolitical risk premiums.
On Wednesday, precious metals on India’s Multi Commodity Exchange (MCX) posted mixed performance, with benchmark October gold futures opening Rs 141 lower at Rs 152,575 per 10 grams before easing further to trade at Rs 152,550 (down 0.11%), within an intraday range of Rs 152,549 to Rs 152,848 and remaining below its 52-week high of Rs 180,779. In contrast, December silver futures gained momentum, opening Rs 424 higher at Rs 240,312 per kg and rising to Rs 240,341 (up 0.19%) within a session range of Rs 240,092 to Rs 240,481, off its peak of Rs 420,048.
Gold and silver are consolidating as expectations of rates staying higher for longer keep sentiment in check, with markets awaiting fresh cues from Fed officials..
Meanwhile, global markets reflected modest gains on COMEX; gold futures opened at $4,394.70 per ounce before trimming gains to trade at $4,377.80 (up $1.40) against its 52-week peak of $5,586.20, while silver futures opened at $67.61 per ounce and settled near $67.07 (up $0.54), well below its 52-week high of $121.79.
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MCX Gold Futures Open Marginally Lower, Silver Prices Move Higher
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