International News
Precious Metals steady amid strong US data AUGMONT BULLION REPORT
- As investors continued to reduce their bets on US rate cuts, gold prices hovered around a four-week low, staying around $4000.
- While the ISM Services PMI reached an eight-month high, US private ADP payrolls increased by 42,000 in October, above projections of a 25,000 increase. Given that inflation is currently higher than expected and that important labor data is being delayed by the government shutdown, the numbers confirmed forecasts that there is little opportunity for further rate decreases.
- The longest U.S. government closure in history is the result of a congressional impasse, forcing markets and the data-dependent Fed to rely on private sector statistics.
- A number of Fed officials have been speaking in a hawkish manner lately, which is consistent with Chair Powell’s recent comments that the most recent rate cut may be the final one for the year.
Technical Triggers
- Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,500) for the next few days, so buy on dips and sell on rallies.
- Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3,900/oz | $4,060/oz |
| Indian Gold | ₹117,500 / 10 gm | ₹122,500 / 10 gm |
| International Silver | $45.5/oz | $49/oz |
| Indian Silver | ₹140,000 / kg | ₹150,000 / kg |
International News
MCX Gold, Silver Rise Despite Global Weakness; US Data, Iran Tensions Keep Bullion Markets On Edge
While Domestic Gold and Silver Prices Edged Higher On MCX, International Spot Gold Slipped Amid Uncertainty Over US-Iran Negotiations, Inflation Concerns
Gold and silver prices witnessed mixed momentum on May 28, with domestic futures on the Multi Commodity Exchange (MCX) trading marginally higher even as international spot gold prices remained under pressure. The divergence reflects cautious investor sentiment amid ongoing geopolitical tensions, uncertainty surrounding US-Iran peace negotiations, and expectations of tighter monetary policy in the United States.
MCX gold futures for June delivery rose modestly by Rs. 215 to Rs. 1,57,898 per 10 grams, while silver futures for July delivery gained Rs. 2,000 to trade at Rs. 2,72,628 per kilogram in early trade. The domestic uptick was supported by weakness in the US dollar and cautious positioning ahead of key macroeconomic developments.
However, global spot gold prices extended losses for a second consecutive session as investors remained wary of the inflationary impact of elevated energy prices and the possibility of prolonged geopolitical instability in the Middle East. Analysts noted that fading hopes of a near-term diplomatic breakthrough between the US and Iran have revived concerns around oil supply disruptions, higher crude prices, and inflation risks — factors that continue to influence precious metals.
According to market experts, gold has struggled to regain strong upside momentum despite its safe-haven appeal, as rising US bond yields and a firmer dollar have reduced investor appetite for non-yielding assets like bullion. Silver, meanwhile, remained under pressure globally after recent military developments in southern Iran weakened expectations of an immediate resolution to regional tensions.
Investors are now closely watching key US macroeconomic indicators, including ADP employment figures, GDP growth data, and the Personal Consumption Expenditures (PCE) inflation index — the Federal Reserve’s preferred inflation gauge. These data points are expected to offer fresh direction on the Fed’s interest rate trajectory, which remains a crucial driver for gold and silver prices.
With geopolitical risks still elevated and inflation concerns persisting, bullion markets are expected to remain volatile in the near term as traders await clearer signals on both diplomacy and monetary policy.
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