International News
Ongoing global concerns contribute to gold’s more than 35% year-to-date increase AUGMONT BULLION REPORT
President Trump’s decision to dismiss Fed Governor Lisa Cook, ongoing global concerns, and anticipation of a September interest-rate cut have all contributed to gold’s more than 35% year-to-date increase on safe-haven demand.
As investors considered causes of uncertainty, such as President Donald Trump’s efforts to fire Fed Governor Lisa Cook and an appeals court that upheld a decision that the White House’s so-called reciprocal tariffs were unlawful, the action was taken.
Additionally, Wall Street locked in bets that the Fed would lower interest rates at its upcoming September meeting after the release of inflation data related to personal consumption expenditures that was consistent with forecasts. When borrowing costs decline, gold tends to appreciate because it becomes comparatively more attractive than interest-bearing securities like bonds.
Technical Triggers
If macroeconomic risks remain elevated, gold prices could feasibly target $3700 (~Rs 1.10 lakh) in the next few weeks in September.
Silver, after breaking $40 resistance, can continue its northward journey towards $43 (~Rs 1.30 lakh) in the next few weeks in September.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3500/oz | $3600/oz |
| Indian Gold | ₹103,500 / 10 gm | ₹106,000 / 10 gm |
| International Silver | $40.40/oz | $42/oz |
| Indian Silver | ₹123,000 / kg | ₹126,000 / kg |
International News
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Globally, A Softer US Dollar and Sliding Energy Prices Provided A Strong Tailwind For Precious Metals
Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.
Globally, a softer US dollar and sliding energy prices provided a strong tailwind for precious metals on Thursday. Spot gold advanced 0.4% to $4,450.16 per ounce, while August futures settled at $4,477. In contrast, crude benchmarks trended downward as geopolitical risks premium eased; Brent crude fell 0.85% to $96.87 a barrel, and WTI dropped 0.95% to $95.11. Other precious metals also closed in positive territory, with spot silver, platinum, and palladium gaining 0.8%, 0.2%, and 0.5% respectively.
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