Augmont Bullion Daily Report
Global markets are on edge as the US enforces new tariffs on Canada, Mexico, and China, triggering retaliatory measures and fueling inflation concerns. Investors are flocking to safe-haven assets, pushing gold prices up by nearly 10% this year. Augmont reports that gold remains in a bullish trend above $2900 (~Rs 85,400), while silver trades between $31.5 and $34 (~Rs 93,000 – Rs 97,000). Rising inflation and declining confidence increase recession risks for the US economy, with key support and resistance levels guiding market movements.
Fundamental News and Triggers
Investors flock to safety amid tariff uncertainty
Markets remain risk-averse as a global tariff war appears certain, with US President Donald Trump reaffirming 25% tariffs on Canada and Mexico, which will go into force on Tuesday, and has already signed an order to hike China tariffs to 20%.
In response, China’s Commerce Ministry and the Canadian prime minister’s office approved retaliatory duties on the United States, sparking a tit-for-tat situation that might escalate into a full-fledged trade war.
President Trump announced reciprocal tariffs on countries that apply charges on US products, effective April 2. Trump’s tariff measures are widely viewed as inflationary, prompting a spike in safe-haven flows into bullion, which has gained almost 10% this year.
The US economy is at risk of entering a recession due to rising inflationary pressures from Trump’s tariffs and declining investor confidence.
Technical Triggers
Gold prices have closed above the important resistance of $2885(~INR 85000) and rebounded back above $2900(~INR 85400), which means the bull trend is still intact.
Silver continues to trade in the range of $31.5 (~INR 93000) and $34(~INR 97000).
Support and Resistance
International Gold Support level : $2830/oz
International Gold Resistance level: $2975/oz
Indian Gold Support level : INR 83500/ 10 gm
Indian Gold Resistance level : Rs 86500/ 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 97000/ kg
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