International News
Indecisive movement continues in precious metals-AUGMONT BULLION REPORT
● A weaker US currency and falling Treasury yields helped gold bounce back to $3350. However, the rationale against rate cuts was questioned by June’s low consumer confidence, which sparked worries about the labour market and trade policy.
● Despite political pressure, Fed Chair Jerome Powell remained cautious during his second day of testimony, stating that the Fed can control inflation brought on by tariffs but is not yet prepared to lower rates.
● To curtail Tehran’s nuclear program and ease Middle East tensions, US and Iranian officials are scheduled to meet next week. This comes as geopolitical tensions are beginning to ease. Although the ceasefire between Israel and Iran seemed to be holding, questions remained about how long it would last.
Technical Triggers
● If gold prices hold below $3330 (~Rs 97000), they may retrace to $3275 (~Rs 96000). However, it may go towards $3340 (~Rs 99000) if prices continue to rise beyond $3385 (~Rs 98000).
● For the bull trend to continue, prices must maintain the support of $35.50 (~ Rs 105,300). The next downward level, if this support is breached, is $34.50 (~Rs 104,000). Prices may increase to $36.75 (around Rs 107,500) on the upside.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3275/oz | $3420/oz |
| Indian | ₹96,000/10 gm | ₹1,00,000/10 gm | |
| Silver | International | $35.50/oz | $36.75/oz |
| Indian | ₹1,05,000/kg | ₹1,07,500/kg |
International News
MCX Gold, Silver Rise Despite Global Weakness; US Data, Iran Tensions Keep Bullion Markets On Edge
While Domestic Gold and Silver Prices Edged Higher On MCX, International Spot Gold Slipped Amid Uncertainty Over US-Iran Negotiations, Inflation Concerns
Gold and silver prices witnessed mixed momentum on May 28, with domestic futures on the Multi Commodity Exchange (MCX) trading marginally higher even as international spot gold prices remained under pressure. The divergence reflects cautious investor sentiment amid ongoing geopolitical tensions, uncertainty surrounding US-Iran peace negotiations, and expectations of tighter monetary policy in the United States.
MCX gold futures for June delivery rose modestly by Rs. 215 to Rs. 1,57,898 per 10 grams, while silver futures for July delivery gained Rs. 2,000 to trade at Rs. 2,72,628 per kilogram in early trade. The domestic uptick was supported by weakness in the US dollar and cautious positioning ahead of key macroeconomic developments.
However, global spot gold prices extended losses for a second consecutive session as investors remained wary of the inflationary impact of elevated energy prices and the possibility of prolonged geopolitical instability in the Middle East. Analysts noted that fading hopes of a near-term diplomatic breakthrough between the US and Iran have revived concerns around oil supply disruptions, higher crude prices, and inflation risks — factors that continue to influence precious metals.
According to market experts, gold has struggled to regain strong upside momentum despite its safe-haven appeal, as rising US bond yields and a firmer dollar have reduced investor appetite for non-yielding assets like bullion. Silver, meanwhile, remained under pressure globally after recent military developments in southern Iran weakened expectations of an immediate resolution to regional tensions.
Investors are now closely watching key US macroeconomic indicators, including ADP employment figures, GDP growth data, and the Personal Consumption Expenditures (PCE) inflation index — the Federal Reserve’s preferred inflation gauge. These data points are expected to offer fresh direction on the Fed’s interest rate trajectory, which remains a crucial driver for gold and silver prices.
With geopolitical risks still elevated and inflation concerns persisting, bullion markets are expected to remain volatile in the near term as traders await clearer signals on both diplomacy and monetary policy.
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