National News
Gold rebounds after headlines of global trade war: Augmont Bullion Report
Investors are looking forward to Friday’s U.S. personal consumption expenditures data
- Gold prices rebound due to rising global trade concerns caused by US auto tariffs. US President Donald Trump announced a 25% tariff on imported vehicles and light trucks beginning next week, escalating the global trade war. The deadline for retaliatory duties from the world’s largest economy is April 2.
- Investors are looking forward to Friday’s U.S. personal consumption expenditures data, which may provide insight into the country’s interest rate path.
- According to World Gold Council data, global gold ETFs saw $3 billion in net inflows last week alone, or around 31 tons of gold. That was the seventh straight week of inflows, with North America accounting for the majority of the purchases. Year-to-date, global net inflows have exceeded $19 billion (207 tons), putting 2025 on track for the strongest Q1 since 2022.
Technical Analysis & Trading Strategy
| Metal | Support Level | Resistance Level | Trading Strategy |
|---|---|---|---|
| Gold | $3,010 (~₹87,200) | $3,080 (~₹90,000) | Below $3,010: Potential retracement to $2,985 (~₹86,500). Above $3,040 (~₹88,200): Prices may head higher. |
| Silver | $33 (~₹97,000) | $35 (~₹1,02,000) | Trading in range. Strategy: Buy on dips, sell on rallies. |
Support and Resistance
| Category | Support Level | Resistance Level |
|---|
| International Gold | $2,985/oz | $3,080/oz |
| Indian Gold | ₹86,500/10 gm | ₹90,000/10 gm |
| International Silver | $33/oz | $35/oz |
| Indian Silver | ₹97,000/kg | ₹1,02,000/kg |
India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.
The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion
Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.
Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.
The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.
While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.
Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.
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