International News
Gold plummeted to $3150, poised to fall $100 more: AUGMONT BULLION REPORT
- As global trade tensions eased, demand for safe-haven assets declined, causing gold to drop 2% and hit a low of over five weeks.
- President Trump cited ongoing talks with South Korea, Japan, and India, while the US and China agreed to drastically reduce tariffs and launched a 90-day truce to conclude a larger deal.
- As tensions between India and Pakistan stabilised and hopes that Trump would waive sanctions on Syria during his Middle East visit increased, geopolitical risks also decreased.
- In the meantime, lower-than-expected US inflation figures bolstered anticipations of potential rate cuts by the Federal Reserve, which are generally favourable for non-yielding assets.
- For more hints about the monetary policy outlook, traders are now waiting for US PPI and retail sales data.
Technical Triggers
| Metal | Region | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3050/oz | $3260/oz |
| Indian | ₹92,000 / 10 gm | ₹94,000 / 10 gm | |
| Silver | International | $31.5/oz | $33.5/oz |
| Indian | ₹93,500 / kg | ₹97,500 / 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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