International News
Gold hits new record high on US Tariff shift AUGMONT BULLION REPORT
Gold breaks $3500 on Bank of England rate cuts and US tariffs; Silver hits $38.5 resistance, prices may consolidate ahead of weekend.
- Gold reached a fresh high above $3500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week. The United States has placed taxes on imports of one-kilogram gold bars. Investors believe a rate cut in the United States is imminent as a result of the developments.
- Imports of one-kilogram gold bars were subject to taxes in the US, with Switzerland’s recently declared 39% tariff rate being one of the highest the Trump administration has levied. The rule states that duty amounts on one-kilogram and 100-ounce gold bars are now governed by a separate customs law. Switzerland, the largest gold refining hub in the world, which exports substantial amounts of refined bullion to the United States, may be greatly impacted by the decision.
Technical Triggers
- As suggested yesterday, Gold sustained above its resistance zone of $3440-50 (~Rs 101,300-500) and follow-through buying took prices towards the next target level of $3500 (~Rs 102,200).
- Targets also achieved in Silver as prices touched its resistance level of $38.5(~Rs 115,000), taking clues from gold.
- As Gold and Silver prices have touched resistance, prices are expected to consolidate in a range today with some profit booking due to the weekend.
Support and Resistance
International Gold Support Level : $3435/oz
International Gold Resistance Level : $3500/oz
Indian Gold Support Level : Rs 100,000/10 gm
Indian Gold Resistance Level : Rs 102,500/10 gm
International Silver Support Level : $36.5/oz
International Silver Resistance Level : $39/oz
Indian Silver Support Level : Rs 109,000/kg
Indian Silver Resistance Level : Rs 115,500/kg
International News
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Crisis Disrupting Energy Supplies, Pushing Inflation Risks Higher, Increasing The Probability Of Central Bank Interest Rate Hikes
Safe-Haven Dynamics – Gold and Silver prices are consolidating as investors assess the possibility of U.S.-Iran diplomatic talks and the uncertain future of the current ceasefire. Both nations are scheduled for peace negotiations in Islamabad this week. However, the ceasefire came under threat on Monday following the seizure of a cargo vessel, raising doubts about whether talks will proceed as planned.
- Geopolitical Developments– The ongoing Middle East conflict has caused a significant disruption to energy supplies, pushing inflation risks higher and increasing the probability of central bank interest rate hikes — both of which create headwinds for gold prices. Adding to the uncertainty, President Donald Trump indicated he will not extend the truce if no agreement is reached before its deadline, and has stated that the Strait of Hormuz will stay closed until a deal is finalized.
- Macro-economic Signals – Markets are closely watching for clarity on whether the Islamabad talks will proceed, and if so, whether they result in a ceasefire extension or a broader peace agreement. Gold’s price direction will continue to be driven by Middle East outcomes and their downstream effects on energy costs and inflation expectations.
Technical Triggers
- Gold is trading in the range of $4750 (~ Rs 152,500) and $4850 (~Rs 155,000) from past few days. Either side breakout or breakdown will give 3-4% directional move.
- Silver is trading in the range of $78 (~ Rs 248,000) and $81 (~Rs 257,000) from past few days. Either side breakout or breakdown from this band will give 3-4% price swing.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4600/oz : $5000/oz : Rs 153,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $75/oz : $82/oz : Rs 235,000/kg : Rs 260,000/kg |
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