International News
Precious Metals retreat as strong US data lifts the Dollar AUGMONT BULLION REPORT
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- As robust economic data supported higher interest rates, gold remained below $3800. While durable goods orders unexpectedly increased and initial jobless claims dropped to a two-month low, the US GDP was revised higher to represent a 3.8% rise in Q2. As a result, the opportunity cost to store bullion decreased, reducing forecasts of three rate reductions by the Fed this year.
- In the meantime, further tariff threats strengthened gold’s appeal as a safe-haven. US President Donald Trump announced intentions to apply duties starting on October 1 that would include 25% on heavy-duty vehicles, 50% on kitchen cabinets, 30% on upholstered furniture, and 100% on imported branded pharmaceuticals.
- $10.5 billion was invested in gold exchange-traded funds (ETFs) in September, bringing the total amount invested to about $50 billion so far this year.
- On the other hand, China wants to establish itself as the guardian of sovereign gold reserves held by other countries, which might increase its power in the world bullion market.
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Technical Triggers
- I expect a price retracement anytime soon. Silver must break below $44.50 to show a correction, while Gold must sustain below $3750, indicating further profit-booking to $3600.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3750/oz | $3825/oz |
| Indian Gold | ₹112,200 / 10 gm | ₹114,200 / 10 gm |
| International Silver | $44.5/oz | $45.5/oz |
| Indian Silver | ₹133,700 / kg | ₹137,500 / kg |
International News
Hopes for New Government data lifts precious metals prices AUGMONT BULLION REPORT
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- Gold and Silver continued to rise, reaching a close to three-week high, supported by indications that the U.S. government shutdown was coming to an end and rising anticipation of another December interest rate cut by the U.S. Federal Reserve.
- Late on Monday, the U.S. Senate ended the longest shutdown with a compromise that would return federal funds to the United States. It would include three full-year appropriations measures and would finance the government until January 30 if the Senate passes the bill. It would then need to be approved by the House of Representatives and sent to President Donald Trump, a process that might take several days.
- Amid concerns about the economic consequences of the longest-ever U.S. government shutdown, consumer sentiment in the United States declined to a 3-1/2-year low in early November.
Technical Triggers
- Gold prices have achieved the target of $4150 (~Rs 125,000). Prices are expected to consolidate here for a while, before moving higher.
- Silver prices have achieved the target of $50.80 (~Rs 155,000). Prices are expected to consolidate here for a while, before moving higher.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4200/oz |
| Indian Gold | ₹122,000/10 gm | ₹126,000/10 gm |
| International Silver | $48/oz | $51/oz |
| Indian Silver | ₹149,000/kg | ₹156,000/kg |
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