Price Movement – Gold and silver seem to be trying to find a bottom after months of heavy selling, damaged charts, and a macro story that keeps shifting under traders’ feet. Gold’s climb back toward $4200 and silver’s recovery above $62 both hint that demand for hard assets hasn’t gone away — it’s just been waiting for the right trigger to come back.

Geopolitical Tensions – Precious metals also got a lift from softer oil prices, as shipping through the Strait of Hormuz kept recovering following the interim US-Iran peace deal. Calmer waters there took some pressure off energy markets, indirectly helping bullion.

Macro-Economic Signals – Gold and silver eased slightly as investors waited for the Fed’s June meeting minutes, hoping for clues on new Chair Kevin Warsh’s policy thinking. Traders are now pricing in roughly a 50% chance of a September rate hike, down sharply from about two-thirds before the recent jobs report came out.

Technical Triggers   

Gold’s rebound from its recent low of $3,942 (~₹1,40,600) to $4,200 (~₹1,48,000) happened very quickly, so a pullback to the $4,080–4,100 range (~₹1,44,000) wouldn’t be surprising before the rally resumes toward $4,350 (~₹1,53,500).

Silver could see a similar pause, dipping toward $59 (~₹2,30,000) before pushing higher again toward the $70–71 zone (~₹2,52,000).

Dr.Renisha Chainani, Head- Research, Augmont