Market Insights by Augmont – Gold Hits Record Highs Amid Global Trade Tensions
Gold has surged to new record highs of $2955 (~Rs 86,800), driven by rising global trade tensions and increased safe-haven demand. Market movements were influenced by U.S. trade policies, including President Trump’s shifting stance on tariffs, and lower-than-expected U.S. inflation, which eased concerns about restrictive Fed policies. Technical analysis suggests further upside potential for both gold and silver. Augmont provides key insights on market trends, support, and resistance levels for informed decision-making
Fundamental News and Triggers
Gold at new record highs
- Gold reached fresh domestic market highs of $2955 (~Rs 86800), driven by rising global trade tensions and safe-haven demand.
- President Donald Trump warned of further taxes on EU goods on Wednesday, following retaliation by the EU and Canada against existing US trade restrictions.
- Trump also reversed back on Tuesday afternoon on a commitment to raise duties on Canadian steel and aluminum to 50%, hours after announcing the harsher levies.
- Meanwhile, both headline and core US inflation fell short of estimates, comforting investors about disinflation and providing the Federal Reserve greater room to take a less restrictive approach. BLS reported that the headline CPI declined more than expected, to a YoY rate of 2.8% in February from 3% the prior month.
Technical Triggers
- Gold prices have broken the consolidation range of $2885(~Rs 85400) and $2935(~Rs 86200), and prices have headed higher with upside momentum towards $2975 (~Rs 87500).
- Silver May Futures is gaining strength and prices have sustained above $33(~Rs 96700), the next target is $34(~Rs 100,000), and once it sustains above that, it can head higher towards $35(~Rs 103,000).
Support and Resistance
International Gold Support level : $2885/oz
International Gold Resistance level : $2975/oz
Indian Gold Support level : INR 85300/ 10 gm
Indian Gold Resistance level : INR 87500/ 10 gm
International Silver Support level : $31.5/oz
International Silver Resistance level : $34/5oz
Indian Silver Support level : INR 93000/ kg
Indian Silver Resistance level : INR 100,000/ kg
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