Safe Heaven hedge – Gold and silver have rebounded from recent lows as safe-haven demand returned amid rising geopolitical and trade tensions. Gold has recovered about 5% to move back above $5200, while silver has risen nearly 10% to trade above $85. The move comes as the U.S. prepares to introduce a temporary 15% global tariff, replacing the earlier 10% levy after the Supreme Court struck down most of President Trump’s previous tariffs.

Geopolitical Tensions– Geopolitical risks have also intensified, with the U.S.–Iran conflict widening, including strikes on Iranian targets and retaliatory missile attacks impacting regional energy infrastructure. The widening conflict has raised concerns over regional stability and potential disruptions in global energy markets.

Dollar Strength – Meanwhile, after a brief phase of dollar strength, markets have shifted back to a risk-off stance. Higher oil prices have revived inflation concerns, pushing expectations for the first Federal Reserve rate cut to September, with additional easing anticipated in 2026.

Technical Triggers   

Gold continues to maintain a bullish bias, with prices expected to move towards $5250 (~ ₹165,000) and $5300 (~ ₹167,000) in the near term. Strong support is seen around the $5000 (~ ₹158,000) level, which is likely to act as a key buying zone on any corrective dips.

Silver also remains firmly supported and is continuing its upward momentum, with the next upside target seen around $90 (~ ₹282,000). On the downside, strong support is placed near $80 (~ ₹255,000), suggesting that any short-term corrections could attract fresh buying interest.

Dr.Renisha Chainani, Head- Research, Augmont