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
Precious Metals Surge As Middle East Diplomacy Advances AUGMONT BULLION REPORT
Silver Surged Over 6% To Above $78, While Gold Rose Approximately 3% To Trade Near $4,700.
Safe-Haven Dynamics – Silver surged over 6% to above $78, while Gold rose approximately 3% to trade near $4,700. The primary driver was easing Middle East tensions, which pressured oil prices lower and reduced inflation concerns. Both Iran and the US are engaging mediators to finalise a one-page, 14-point memorandum of understanding, intended to establish a framework for a month-long negotiation process aimed at ending the conflict.
Geopolitical Developments – The White House is reportedly close to a deal with Iran, marking the most significant diplomatic progress since the conflict began. The proposed agreement would require Iran to accept enhanced UN inspections, suspend nuclear enrichment for 12–15 years, potentially relocate highly enriched uranium, and restrict underground nuclear facilities. In return, the US would phase out sanctions and release billions in frozen Iranian assets.
Macro-economic Signals – The US ADP report released Wednesday showed private-sector payrolls expanded by 109K in April, up from a downwardly revised 61K in March. The above-consensus reading signals continued, if uneven, labour market resilience. Meanwhile, CME FedWatch data indicates markets are still assigning meaningful probability to a Fed rate hike before year-end.
Technical Triggers
- Gold has recovered from the $4,500–4,550 (~ Rs. 1,49,000) support zone, with resistance now targeted at $4,800–4,850 (~ Rs. 1,55,000).Â
- Silver has met the $78 (~Rs. 2,56,000) upside target; subsequent resistance levels stand at $80 (~Rs. 2,60,000) and $82 (~Rs. 2,65,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level  Domestic Gold Support Level Domestic Gold Resistance Level | : $4500/oz : $4850/oz  : Rs. 148,000/10 gm : Rs. 155,000/10 gm |
| International Silver Support Level International Silver Resistance Level  Domestic Silver Support Level Domestic Silver Resistance Level | : $73/oz : $82/oz  : Rs. 240,000/kg : Rs. 265,000/kg |
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