International News
US economic downturn and rate cuts support gold rally at record highs- AUGMONT BULLION REPORT
Gold posted its longest rally since February on recession fears and rate-cut bets, up nearly 30% this year but still below April’s $3,500 peak.
- Gold held its longest streak of gains since February, driven by fears of a US economic downturn that have fuelled haven demand, along with traders’ bets on lower interest rates.
- With a 90% chance of a cut, traders have placed bets on the Federal Reserve easing monetary policy at its next meeting in September in response to signs of weakness in the largest economy in the world. Bullion that does not pay interest is usually supported by lower interest rates.
- Gold has climbed nearly 30% this year as investors have sought safety amid heightened trade conflicts, geopolitical tensions and eroding trust in dollar-denominated assets. Still, the precious metal has been range-bound over the previous few months, lacking new catalysts to rocket over its record high of about $3500 an ounce hit in April.
Technical Triggers
- Gold has touched its resistance zone of $3440-50 (~Rs 101,350-500), so we might see some profit-booking up to $3390-3400 (~100,000). But if prices sustain above this resistance zone, we might see follow-through buying towards the next psychological level of $3500 (~Rs 103,000).
- Silver is holding up gains after taking support around $36.5 (~Rs 109,000). Upside momentum could continue towards $38.4(~Rs 114,000), taking clues from gold, while profit booking can drag prices to the support zone.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3390/oz | $3500/oz |
| Indian Gold | ₹100,000/10 gm | ₹103,000/10 gm |
| International Silver | $36.5/oz | $38.4/oz |
| Indian Silver | ₹109,000/kg | ₹114,000/kg |
International News
Significant Upside Trajectory In The Metals Sector
Precious Metals Surge on Geopolitical Optimism as Gold and Silver Rally, While Crude Oil Faces Downward Pressure Amid Ongoing US–Iran Developments
Gold rates and silver rates in India will be driven by global trends, as the Indian market is closed. Trading in commodities, including gold and silver, will be closed for half a day on April 14 at MCX.
We are seeing a significant upside trajectory in the metals sector, driven by recent geopolitical synergies:
- Gold Asset Class: Spot prices have achieved a value-add recovery, scaling past the $4,760/oz threshold.
- Silver Asset Class: Currently experiencing a high-growth phase, surging approximately 2% to reach a target density near $77/oz.
- Market Bandwidth: While the MCX interface is currently undergoing a scheduled half-day service window on April 14,
- Energy Sector Headwinds
Conversely, the energy vertical is facing downward scalability issues:
- Crude Oil Index: Both US WTI and Brent Crude are failing to gain leverage, currently underperforming by 2% and hovering around the $98/bbl mark.
Geopolitical Synergy & Risk Mitigation
The recent bullish momentum in precious metals is a direct byproduct of strategic bilateral engagement between the US and Iran. Key stakeholders are currently deep-diving into negotiations to extend the current truce framework.
- US Perspective: President Trump has acknowledged a proactive outreach from Tehran following the implementation of a naval blockade.
- Iranian Alignment: President Pezeshkian has signaled readiness to move the needle on peace discussions, provided all deliverables remain within the compliance framework of international regulations.
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