Augmont Gold Market Insights: Gold Hits $3371 Amid Stagflation Fears and Escalating US-China Tariff War
Gold prices surged to an all-time high of $3371 (~INR 95,894) as rising US-China tensions and fears of stagflation spurred investor demand for safe-haven assets. US President Trump’s move to curb reliance on Chinese minerals and Beijing’s retaliatory export restrictions have shaken market confidence in the US dollar. Augmont Gold analysts caution that the rally may be overstretched, with limited upside potential in the short term
Fundamental News and Triggers
Gold sustains above $3350 as the stagflation scenario emerges
- The gold price reached an all-time high of $3371 (~Rs 95894) as the tariff war between the world’s largest powerhouses escalated further. US President Donald Trump has ordered his team to investigate potential new tariffs on all imports of critical minerals, to reduce their dependency on China.
- In response to Donald Trump’s heavy reciprocal tariffs on rare minerals, Beijing has set severe curbs on their exports to the United States.
- Investors are questioning the integrity of the US dollar in light of Trump’s unexpected decision on international policies. The US dollar has been falling sharply as investors fear that the US-China trade war will be more severe for the US economy than for the rest of the globe.
- Gold is also receiving support after Fed Chair Powell stated that a weaker economy and high inflation could conflict with the central bank’s two aims, resulting in a stagflationary scenario.
Technical Triggers
- Gold has achieved all bullish targets up to $3320 (INR 95300). Now it’s time to be very cautious, as all negative news is already discounted in the prices and the rally seems to be overstretched. Buying is not advisable as the risk-reward does not match. Short-term weakness can emerge up to $3280 (~INR 93000) if prices sustain below $3330 (~INR 95500)
- Silver after achieving the target of $33 (~INR 96500), the rally seems to be weakening. It’s better to be on the sidelines until a new trend emerges.
Support and Resistance
International Gold Support level – $3280/oz
International Gold Resistance level – $3400/oz
Indian Gold Support level – Rs 93000/10 gm
Indian Gold Resistance level – Rs 97000/10 gm
International Silver Support level – $31.5/oz
International Silver Resistance level – $33/oz
Indian Silver Support level – Rs 93500/kg
Indian Silver Resistance level – Rs 97000/kg
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