Gold Prices Hit Record High Amid Israel-Iran Conflict
Gold surged past $3400 (~Rs 1,00,000), reaching a record high as geopolitical tensions escalated following Israel’s strike on Iran and the declaration of a state of emergency. Softer US inflation data also boosted expectations of further Fed rate cuts, supporting safe-haven demand. According to Augmont Gold, the breakout above $3425 signals a possible move toward $3500 (~Rs 1,01,000) in the near term
Fundamental News and Triggers
Gold leaps to record high as Israel declares state of emergency
- Gold surged beyond $3400 (around Rs 100,000), hitting its highest level as investors sought refuge from growing economic uncertainties and geopolitical concerns.
- Following Israel’s preemptive strike against Iran, which sharply increased concerns about a wider Middle East conflict, the rally was held. Israeli Defense Minister Israel Katz announced a special state of emergency and issued a warning that Israeli citizens would soon be the target of a missile and drone attack.
- President Donald Trump threatened to impose unilateral tariffs to pressure trading partners, though Treasury Secretary Scott Bessent suggested the current 90-day tariff pause could be extended.
- On the economic front, softer-than-expected US consumer and producer inflation data earlier this week increased expectations for additional Federal Reserve rate cuts this year, providing further support for non-yielding assets like gold.
Technical Triggers
- Gold prices have given a breakout of its resistance of $3425(~Rs 99000), and now it seems we are heading towards the previous high of $3500 (~Rs 101,000) in the near term.
- Silver is consolidating in a range of $36.5(~Rs 106,000) and $37 (~Rs 107,000) after a sharp rally. The next target is $38 (~Rs 111,000) if this positive momentum continues.
Support and Resistance
International Gold Support level – $3300/oz
International Gold Resistance level – $3500/oz
Indian Gold Support level – Rs 96000/10 gm
Indian Gold Resistance level – Rs 101,000/10 gm
International Silver Support level – $35.5/oz
International Silver Resistance level – $38/oz
Indian Silver Support level – Rs 105,000/kg
Indian Silver Resistance level – Rs 111,000/kg
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