International News
Precious Metals consolidate as uncertainties diminishes AUGMONT BULLION REPORT
Fed minutes signaled caution on rate cuts, keeping gold near $3400. Traders eye a September cut, while Powell’s Jackson Hole speech may offer clarity. Key gold support: $3340, resistance: $3445.
- The minutes of the most recent Fed meeting revealed that policymakers are still worried about the labor market and inflation, with the majority of voting members believing it is too early to cut interest rates. As a result, gold is stabilizing around $3400.
- An 85% possibility of a rate drop in September is now factored in by traders. The Federal Reserve’s cautious approach may reduce expectations for strong rate cuts throughout the remainder of the year, even though the rate cut in September is virtually guaranteed.
- When Jerome Powell speaks at the annual central bank symposium in Jackson Hole, Wyoming, on Friday, markets will receive more hints about the monetary policy of the Federal Reserve.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance.
- Silver prices are expected to consolidate in a range of $37(Rs 110,500) to $39(Rs 115,000).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3340/oz | $3445/oz |
| Indian | ₹98,500 / 10 gm | ₹100,500 / 10 gm | |
| Silver | International | $37/oz | $39/oz |
| Indian | ₹110,500 / kg | ₹115,000 / kg |
International News
US Holiday Shopping Expected To Top $1 Trillion For The First Time: NRF
While Overall Buying Power Remains High, Ongoing Inflation and Rising Household Costs Mean Some Families Will Have To Watch Their Spending More Carefully Than Others
The National Retail Federation (NRF) predicts Americans will spend $1.01 trillion on holiday shopping in November and December. That is a 4.2% jump from $972 billion last year.
NRF said its forecast was based on economic modeling that incorporates consumer spending, employment, wages and historical retail sales data. It excludes automobile, gasoline and restaurant sales
Extra Hiring: To handle the surge in shoppers, stores plan to hire 325,000 to 375,000 temporary holiday workers.
Mixed Budget Impact: Higher gas prices and inflation could still strain some family budgets, affecting low- and high-income shoppers differently.
Retailers expect a strong shopping season because people continue to make holiday spending a priority.
Store owners are ready to attract shoppers by offering competitive prices, deals, and choices for every budget.
While overall buying power remains high, ongoing inflation and rising household costs mean some families will have to watch their spending more carefully than others.
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