International News
Precious metals eye the nonfarm payroll data for further direction AUGMONT BULLION REPORT
- Following the release of the minutes from the Federal Reserve’s most recent meeting, gold and silver prices are consolidating, and market players are keeping their attention on impending economic data in search of additional hints regarding the direction of U.S. interest rates.
- The minutes from the October 28–29 meeting revealed that a divided Fed lowered interest rates last month despite warnings from officials that lower borrowing costs could jeopardise the effort to control inflation, which has been above the U.S. central bank’s 2% objective for four and a half years.
- The September U.S. non-farm payrolls report, which was postponed because of the recent U.S. government shutdown, is now the main focus. It is slated for later in the day. It is anticipated that the statistics will offer more clues about the Fed’s future course.
- According to CME Group’s Fed Watch tool, traders now perceive a nearly 33% possibility of a rate drop at the Fed’s December 9–10 meeting, down from 49% on Wednesday.
Technical Triggers
- Gold has been trading in the range of $4000 (~Rs 121,000) and $4150 (~Rs 125,000). Buy on dips around support and sell on rallies around resistance.
- Silver has been trading in the range of $49 (~Rs 150,000) to $53 (~Rs 160,000). Buy on dips around support and sell on rallies around resistance.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4150/oz |
| Indian Gold | ₹121,000/10 gm | ₹125,000/10 gm |
| International Silver | $49/oz | $53/oz |
| Indian Silver | ₹150,000/kg | ₹160,000/kg |
Just in time for the holiday season, the American Gem Society (AGS) is bringing back Find a Jeweler Week, running December 1–5. First launched in 2021, this annual campaign is held during the first week of December to help educate consumers on the importance of shopping with a credentialed AGS jeweler.
In addition to spotlighting trusted AGS retailers, the campaign will also feature mini gift guides throughout December, showcasing jewelry from AGS members to help shoppers find meaningful, high-quality gifts for their loved ones.
Katherine Bodoh, CEO of the American Gem Society, shared why this annual initiative is so important to the organization and to consumers. “Our goal with Find a Jeweler Week is simple: to help drive consumers into AGS retailers’ stores this holiday season. When shoppers work with a knowledgeable and trusted AGS jeweler, they can feel confident in their gift purchases. This campaign gives consumers an easy way to discover jewelers who prioritize education, ethical practices, and exceptional service.”
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