International News
Gold spikes on sluggish US data ; AUGMONT BULLION REPORT
- Following confirmation of the US economic downturn by ISM and ADP statistics, gold has recovered from its low. According to US economic data, the economy is cooling, which may call for the Fed to take additional action.
- Business activity in the services sector shrank for the first time in over a year, according to data from the Institute for Supply Management. According to the ADP National Employment Change data, private hiring in the nation also experienced a significant slowdown in May.
- Regarding trade, worries about growing hostilities between the US and important trading partners remained after Trump increased steel and aluminium tariffs and said that negotiating with Chinese President Xi Jinping was especially challenging.
- Markets await Jobless Claims and NFP for additional policy guidance as Fed officials continue to be hesitant about lowering rates.
Technical Triggers
- Gold prices have broken the range of $3275(~Rs 95000) and $3375(~Rs 96400) on the upside. If this positive momentum continues, we are likely to see the price rise towards $3450 (~Rs 99000).
- Silver prices have broken the one-month range of $32.5(~Rs 96000) and $34(~Rs 99000), next resistance is $35 (~Rs 101,500).
Support and Resistance
| Metal | Region | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3275/oz | $3450/oz |
| Indian | ₹95,000/10 gm | ₹99,000/10 gm | |
| Silver | International | $32.5/oz | $35/oz |
| Indian | ₹96,000/kg | ₹1,01,500/kg |
International News
Significant Upside Trajectory In The Metals Sector
Precious Metals Surge on Geopolitical Optimism as Gold and Silver Rally, While Crude Oil Faces Downward Pressure Amid Ongoing US–Iran Developments
Gold rates and silver rates in India will be driven by global trends, as the Indian market is closed. Trading in commodities, including gold and silver, will be closed for half a day on April 14 at MCX.
We are seeing a significant upside trajectory in the metals sector, driven by recent geopolitical synergies:
- Gold Asset Class: Spot prices have achieved a value-add recovery, scaling past the $4,760/oz threshold.
- Silver Asset Class: Currently experiencing a high-growth phase, surging approximately 2% to reach a target density near $77/oz.
- Market Bandwidth: While the MCX interface is currently undergoing a scheduled half-day service window on April 14,
- Energy Sector Headwinds
Conversely, the energy vertical is facing downward scalability issues:
- Crude Oil Index: Both US WTI and Brent Crude are failing to gain leverage, currently underperforming by 2% and hovering around the $98/bbl mark.
Geopolitical Synergy & Risk Mitigation
The recent bullish momentum in precious metals is a direct byproduct of strategic bilateral engagement between the US and Iran. Key stakeholders are currently deep-diving into negotiations to extend the current truce framework.
- US Perspective: President Trump has acknowledged a proactive outreach from Tehran following the implementation of a naval blockade.
- Iranian Alignment: President Pezeshkian has signaled readiness to move the needle on peace discussions, provided all deliverables remain within the compliance framework of international regulations.
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