• Gold and silver pulled back sharply from their record highs of $4,650 and $93, respectively, after U.S. President Donald Trump refrained from announcing new tariffs on imports of critical minerals. Instead, Trump said the U.S. would pursue negotiations with foreign nations to secure adequate supplies and quickly reduce supply-chain risks. That said, the White House left the door open to imposing import restrictions if talks fail to deliver timely results.
  • Safe-haven demand also cooled after Trump said he had been assured that executions of protesters in Iran had stopped, easing fears of an imminent U.S. military response.
  • Meanwhile, markets continue to assess how aggressively the Federal Reserve may ease policy amid global uncertainty. November producer price inflation—both headline and core—came in softer than expected, reinforcing signals from the benign December consumer inflation data. Together, these readings have strengthened expectations that the Fed has room to deliver multiple rate cuts this year.

Technical Triggers   

  • Gold has decisively broken above its earlier resistance at $4,570, opening the door to higher levels. The next key targets are $4,745–4,750 (78.6% Fibonacci extension, ~₹1,46,000) and $4,966–4,970 (100% Fibonacci extension, ~₹1,52,500).
  • As suggested Silver has touched the target resistance of $93(~₹2,91,000). We can witness some profitbooking and retracement upto $84 (~Rs 260,000), before prices move higher again.

Dr.Renisha Chainani, Head- Research, Augmont