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 and Silver Hold Bullish Bias Amid Fed Rate Ambiguity and Geopolitical Risk-AUGMONT BULLION REPORT
- Demand and Supply – Gold and silver are carrying forward last week’s uptrend, helped by fewer bets on the Federal Reserve tightening policy next month, as investors wait for key U.S. inflation data that could reshape expectations around the Fed’s path.
- Geopolitical Tensions – The U.S. and Yemen’s Iran-backed Houthi rebels reported separate shipping attacks on Tuesday, while hopes of ending the Iran war seemed to fade further, as Tehran said the Strait of Hormuz would stay shut unless Washington agrees to its terms.
- Macro-Economic Signals – As investors wait for U.S. inflation data for clues on the Fed’s policy direction, a stronger reading could support a tighter stance and add more pressure on gold, while a softer number could bring some relief. Traders are currently pricing in a 50% chance of a hike in September, down from 60% before the jobs report.Â
Technical Triggers
- Gold’s break above $4200 (~Rs 1,46,000) has opened the way toward $4,500 (~Rs 1,56,000). Gold is holding support at its uptrend line through August. Near-term support sits at $4350 (~Rs 153,500).
- Silver’s move past $63 (~Rs 2,30,000) has opened the path toward $70-71 (~Rs 2,50,000-2,55,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level  Domestic Gold Support Level Domestic Gold Resistance Level | : $4350/oz : $4500/oz  : Rs 151,500/10 gm : Rs 156,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $63/oz : $70/oz  : Rs 230,000/kg : Rs 255,000/kg |
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National News2 hours agoFarah Khan Fine Jewellery Celebrates Raksha Bandhan With Timeless Gifts Of Love
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National News2 hours agoMCX Gold and Silver Prices Largely Subdued On A Firmer U.S. Dollar
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