- Precious metals recover some of their losses, supported by uncertainties surrounding trade agreements with key nations. Gold’s appeal was further enhanced by anticipations of interest rate cuts by the Federal Reserve later this year.
- Just over a week before higher tariffs are set to resume on July 9, President Donald Trump threatened to impose a new tax level on Japan.
- As investors watched the progress of a massive tax-cutting and spending measure that was slowly making its way through the Senate, the Dollar Index fell below the 97 level in response to worries about the US government’s growing deficit.
Technical Triggers
- Gold has sustained above $3300 (~Rs 96000), taking support on the uptrend line; $3400 (~Rs 98500) will be the next resistance.
- Silver Sep is expected to continue in range-bound trading between $35.5 (about Rs 104,500) and $37 (about Rs 107,500).
Dr. Renisha Chainani, Head- Research, Augmont – Gold for all
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