International News
US jewellery, watches sales up by 4.4 per cent year-on-year
Sales of watches and jewelry in the US showed further signs of growth in December 2024, up 4.4 per cent year-on-year, according the latest figures from the US Department of Commerce. But there’s been a marked slowdown since the 10 per cent increases of last September and October.
November saw sales up by just 3.0 per cent, revised down from 5.8 per cent based on actual through-the-till transactions rather than estimates. October has been revised up from 9.7 per cent to 10.0 per cent.
The average monthly year-on-year growth for the full year is 5.4 per cent, so December was little below par. Having said that, it was the 15th consecutive month of growth after a long period (the end of 2022 and much of 2023) of falling sales.
International News
Gold, Silver Slide as Inflation and Fed Outlook Dominate Geopolitical Risks AUGMONT BULLION REPORT
- Safe Heaven Dynamics – Gold and silver remain under pressure, slipping to $4800 and $75 respectively, as stronger US producer inflation and a firm dollar outweigh safe-haven demand from Middle East tensions. Elevated real yields continue to cap upside, keeping sentiment weak despite geopolitical risks.
- Geopolitical Developments – Escalation intensified after Iran struck a Qatari site hosting the world’s largest LNG facility, following attacks on its South Pars gas field. This marks a significant widening of the conflict, raising energy security concerns and inflation risks, while increasing uncertainty across global markets.
- Monetary Policy stance – The Federal Reserve held rates steady, highlighting inflation risks from the conflict and signaling a cautious stance. While one rate cut is projected this year, policy easing will depend on clear signs of inflation cooling, keeping metals sensitive to macro data.
Technical Triggers
- Gold has reached its $4850 (~ Rs.152,000) support and may consolidate near current levels.Â
- Silver is testing key support at $75 (~ Rs.250,000); a breakdown could extend declines toward $72–70 (~ Rs.235,000–Rs.230,000).).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4800/oz | $5250/oz |
| Gold | Domestic | ₹150,000/10 gm | ₹165,000/10 gm |
| Silver | International | $72/oz | $85/oz |
| Silver | Domestic | ₹235,000/kg | ₹268,000/kg |
Source:AUGMONT BULLION REPORT
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