International News
HK watch and jewellery sector continues rebound in October
Hong Kong’s watch and jewellery sector continued its steady rebound in October, supported by improving domestic sentiment and a strong revival in tourism. Newly released data from the Census and Statistics Department showed that revenue in the jewellery, watches, clocks and valuable gifts category rose 9.5% year-on-year to HKD 4.94 billion (USD 634 million). Although the department does not publish category-wise detail, the headline figures indicate that momentum in the sector has remained firm through the autumn months.
This growth builds on a 9.1% rise in September and a sharp 17.5% surge in August, when the city experienced its seasonal peak in tourist arrivals. However, the stronger performance in recent months has only partly offset the weakness seen earlier in 2024. As a result, cumulative sales for January to October edged up just 0.3%, underscoring the slow recovery trajectory in the first half of the year.
Across all retail categories, Hong Kong recorded a 6.9% increase in sales during October, with electrical goods and consumer durables registering the most significant jump at 24.6%. According to a government spokesperson, the broader retail sector has gained further strength, buoyed by consistent improvements in consumer confidence and robust growth in visitor numbers. These trends, he noted, are expected to continue supporting retail businesses in the months ahead.
International News
Precious Metals Find Support On Ceasefire Optimism AUGMONT BULLION REPORT
Gold Is Trading At Y Oversold Levels Near The Critical Support Zone Of $4,300, Silver Testing Key Support In The $66–$67 Range
- Price Movement – Gold and silver are consolidating near key support levels as markets digest a fragile Israel-Iran ceasefire alongside mounting concerns over inflation and the prospect of further interest rate hikes.
- Geopolitical Developments – President Trump confirmed that both parties are pursuing an immediate ceasefire, with final negotiations advancing. Israel and Iran announced a mutual halt to hostilities following a direct appeal from Washington. However, Tehran cautioned that it reserves the right to resume strikes if Israeli operations against Hezbollah in Lebanon continue.
- Macro-economic Signals – CME FedWatch data shows markets now pricing a greater than 70% probability of a Fed rate hike by December. Investors are closely watching May’s U.S. CPI and PPI releases, due Wednesday, for clearer signals on the Fed’s policy trajectory. The European Central Bank is also widely expected to deliver a rate increase this week.
Technical Triggers
- Gold is currently trading at deeply oversold levels near the critical support zone of $4,300 (approximately Rs. 1,54,000). A technical rebound of 3–4% is anticipated from current levels, driven by bottom-fishing activity. However, a sustained break below this support would shift the near-term bias decisively lower, exposing the $4,000–$4,100 range (approximately Rs. 1,50,000–Rs. 1,51,500) as the next downside target.
- Silver is similarly oversold, testing key support in the $66–$67 range (approximately Rs. 2,40,000–Rs. 2,42,000). As with gold, a 3–4% technical recovery is the base case on dip-buying, but a confirmed sustainability below this support would accelerate selling pressure toward $60 (approximately Rs. 2,20,000) in the short term.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4300/oz : $4500/oz : Rs 154,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $66/oz : $75/oz : Rs 240,000/kg : Rs 260,000/kg |
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