• A record climb towards $3640 (~Rs 107,200) has caused gold to see some profitbooking, halting its longest winning run since March but keeping it close to record highs due to rising demand for safe haven assets and anticipation of US monetary easing.
  • A potential Supreme Court battle was set in motion on Wednesday when the Trump administration challenged a court decision that invalidated the majority of his international tariffs. Gold and silver continued to be supported by these additional uncertainties, which also included anxieties about debt and the independence of the Federal Reserve.
  • In the meantime, July statistics revealed a greater-than-anticipated decline in US job postings, indicating a worse labour market and supporting speculation of a possible rate decrease in September. For more hints on economic momentum and Fed policy, investors are now waiting for Friday’s nonfarm payrolls report, ADP employment data, and US unemployment claims.

Technical Triggers

  • Gold and Silver prices have achieved all short-term targets; prices are expected to continue their profit-booking and consolidation after a sharp run-up.

Dr.Renisha Chainani, Head- Research, Augmont