International News
Precious Metals consolidate at highs AUGMONT BULLION REPORT
The US trade policy continues to be the major focus as gold consolidates around $3350 after a slight decline in the previous session, while Silver sees mild profit-booking at highs.
- To date, President Donald Trump has written to 25 nations’ leaders informing them of higher tariff rates that will go into force on August 1. One of the most recent measures is a 30% import tax on goods from important partners like the EU and Mexico.
- Trump also issued a warning that nations that raise their tariffs in retaliation risk even higher US charges. However, he said that until the new tariffs are put into effect, he is still amenable to more talks with trading partners.
- For hints about the Federal Reserve’s rate path, investors are now waiting for the US CPI report, which is due later today.
Technical Triggers
- Gold continues to trade in the range of $3300 (~Rs 96250) and $3400 (~Rs 98500).
- Silver has given a breakout of its range of $37.5 (~Rs 108,500) and $35.5 (~Rs 105,000). The next target is $39 (~Rs 113,000) and $40 (~Rs 115,000).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3280/oz | $3400/oz |
| Indian Gold | ₹96,000/10 gm | ₹98,500/10 gm |
| International Silver | $35.5/oz | $40/oz |
| Indian Silver | ₹1,05,000/kg | ₹1,15,000/kg |
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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