- The US trade policy continues to be the major focus as gold consolidates around $3350 after a slight decline in the previous session, while Silver sees mild profit-booking at highs.
- To date, President Donald Trump has written to 25 nations’ leaders informing them of higher tariff rates that will go into force on August 1. One of the most recent measures is a 30% import tax on goods from important partners like the EU and Mexico.
- Trump also issued a warning that nations that raise their tariffs in retaliation risk even higher US charges. However, he said that until the new tariffs are put into effect, he is still amenable to more talks with trading partners.
- For hints about the Federal Reserve’s rate path, investors are now waiting for the US CPI report, which is due later today.
Technical Triggers
- Gold continues to trade in the range of $3300 (~Rs 96250) and $3400 (~Rs 98500).
- Silver has given a breakout of its range of $37.5 (~Rs 108,500) and $35.5 (~Rs 105,000). The next target is $39 (~Rs 113,000) and $40 (~Rs 115,000).
Dr. Renisha Chainani, Head- Research, Augmont – Gold for all
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