International News
Gold, ‘Non-traditional reserve currencies’ eat into U.S. dollar’s reserve dominance: Wolf Richter
Gold and other reserve currencies – but not the euro or renminbi – are steadily eroding the U.S. dollar’s position as the world’s preeminent reserve asset, according to Wolf Richter, analyst and publisher of Wolf Street.
“The status of the US dollar as the dominant global reserve currency has helped the US fund its twin deficits, and thereby has enabled them: the huge fiscal deficit every year and the massive trade deficit every year,” Richter wrote in an article published Monday. “The reserve currency status comes from other central banks (not the Fed) having purchased trillions of USD-denominated assets such as Treasury securities, other government securities, corporate bonds, and even stocks. The dollar status as the dominant reserve currency has been crucial for the US, and as that dominance declines ever so slowly, risks pile up ever so slowly.”
Total holdings of USD-denominated securities by other central banks (not the Fed) fell by $59 billion to $6.63 trillion at the end of 2024, from $6.69 trillion at the end of 2023,” he noted. “And the dollar’s share declined to 57.8% of total allocated exchange reserves at the end of 2024, the lowest since 1994, down by 7.3 percentage points in 10 years, as central banks have been diversifying their holdings for years to assets denominated in currencies other than the dollar, and into gold.”
International News
Gold and Silver Retreat As Dollar Holds Multi-Year Highs AUGMONT BULLION REPORT
Gold Slipped Below $4150 and Silver Edged Toward $63, On Mounting Expectations Of Federal Reserve Rate Hikes
- Price Movement – Gold slipped below $4150 and Silver edged toward $63, continuing their recent downward trend as mounting expectations of Federal Reserve rate hikes overshadowed cautious optimism around active US-Iran peace talks. Sterling is under additional pressure as the UK braces for an imminent change in prime minister. Meanwhile, speculative yen selling is intensifying, steadily testing the Japanese government’s tolerance threshold.
- Geopolitical Event– US has issued Iran a 60-day licence to sell oil on international markets, raising expectations of a faster-than-anticipated recovery in global crude supply. Traffic through the Strait of Hormuz has picked up, with producers including Kuwait and the UAE actively securing alternative export corridors. Iran alone shipped over 30 million barrels in the past week, signalling a meaningful near-term supply uptick.
- Macro-Economic Event – Market attention this week centres on the upcoming PCE report — the Fed’s preferred inflation measure — which is expected to shed fresh light on underlying price pressures. According to the CME FedWatch tool, traders are now pricing in an 89% probability of a Fed rate hike in December, a sharp jump from 61% prior to last week’s FOMC meeting.
Technical Triggers
- With Gold having broken below $4,200, the next key support zone sits at $4,050–$4,100, equivalent to approximately Rs 1,43,000–Rs 1,44,000
- Silver’s breach of the $65 support level shifts focuses to the $60–$61 range, or roughly Rs 2,20,000–Rs 2,15,000 on domestic markets.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level DomesticGold Resistance Level | : $4060/oz : $4350/oz : Rs 143,000/10 gm : Rs 154,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $60/oz : $71/oz : Rs 254,000/kg : Rs 215,000/kg |
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