International News
Gold edges lower on rebounding Dollar as trade war intensifies AUGMONT BULLION REPORT
As the trade war heats up, the dollar trades at a two-week high against the yen, while gold drops below $3300.
- A 50% tariff on copper imports, possible 200% duties on pharmaceuticals, and a 10% levy on goods from BRICS nations are just a few of the extensive new measures that President Donald Trump announced, ruling out future extensions to the August 1 tariffs.
- Meanwhile, following a strong US jobs report last week, which allayed concerns about a slowing economy, the Fed lowered its July rate drop predictions.
- The expectation for more rate cuts has also decreased because the tariffs are anticipated to increase US inflation in the upcoming months.
- Investors are now waiting for the minutes of the June FOMC meeting to be released in order to gain further understanding of the Fed’s policy position.
Technical Triggers
- Gold continues to trade near the lower side of the range of $3300 (~Rs 96250) and $3400 (~Rs 98500). If prices sustain below $3280 (~Rs 96000), weakness could further extend to $3200 (~Rs 94000).
- Silver is not able to sustain above its range of $37.5 (~ Rs 108,500) and $35.5 (~ Rs 105,000). Consolidation continues before heading higher towards the next target is $38 (~Rs 110,000)
Support and Resistance
For Gold
| Region | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3280/oz | $3370/oz |
| Indian Gold | ₹96,000/10 gm | ₹97,700/10 gm |
For Silver
| Region | Support Level | Resistance Level |
|---|---|---|
| International Silver | $35.5/oz | $37.5/oz |
| Indian Silver | ₹1,05,000/kg | ₹1,10,000/kg |
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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