International News
Gold tug-of-war extends amid trump tariff threats :AUGMONT BULLION REPORT
- Gold prices are currently trapped around the $3270 to $3420 region as the current consolidation pattern continues into the twelfth week. But rebounding dollar, which is driving the lower price action, the possibility of increased trade tensions could provide support.
- Japan has been notified in writing by US President Donald Trump that all Japanese imports into the US will be subject to a 25% duty starting on August 1.
- The leaders of 12 other nations received similar letters, alerting them of the imposition of 25% to 40% tariffs beginning next month.
- Trump’s announcements further damaged risk sentiment, which fueled a new surge in the price of gold, a classic safe-haven asset, as worries of a trade war were rekindled around the world by the repeated tariff threats.
Technical Triggers
- Gold is expected to trade in the range of $3300 (~Rs 96000) and $3400 (~Rs 98500) this week.
- Silver has given a breakout of its range, trading above $37 (~ Rs 108,000). Now next target is $38 (~Rs 111,000)
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3250/oz | $3440/oz |
| Indian Gold | ₹95,000/10 gm | ₹98,500/10 gm |
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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