International News
Record rally continues in precious metals AUGMONT BULLION REPORT
- Gold prices rose above $4240(¬Rs 128,000), maintaining its surge to a new high, propelled by demand for safe haven assets and mounting anticipation of a dovish US monetary policy outlook.
- With a 98% chance, traders are pricing in a 25 basis point rate cut in October. A second cut in December is fully factored in at 100%. Investors have almost fully priced in a 25 basis point rate drop at this month’s meeting, with another expected in December, after Fed Chair Jerome Powell’s recent comments noting indications of a worsening labour market.
- Treasury Secretary Scott Bessent stated that, in coordination with European allies, Washington might also impose export restrictions or taxes on China’s imports of Russian oil.
- In the meantime, the protracted government shutdown increased market anxieties and posed threats to the US economy.
Technical Triggers
- As gold continues this rally, next resistance is $4250(¬Rs 128,000) and $4300 (¬Rs 130,000). We can see reversal if prices sustain below $4090 (¬Rs 125,000)
- Silver is facing strong resistance at $53.50 (¬Rs 165,000), if it clears, next resistance is $55 (¬Rs 170,000). While downside support is $50.50 (¬Rs 155,000), if prices sustain below that level, more profit-booking can follow.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4,090 / oz | $4,300 / oz |
| Indian Gold | ₹1,25,000 / 10 gm | ₹1,30,000 / 10 gm |
| International Silver | $50.50 / oz | $55 / oz |
| Indian Silver | ₹1,55,000 / kg | ₹1,70,000 / 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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