Price Movement – Precious metals have jumped more than 5% this week after the US Treasury Department announced plans to at least double its long-term debt buybacks in an effort to contain borrowing costs, driving Treasury yields and the dollar sharply lower.

Geopolitical tensions – Oil prices extended their advance as the US prepares sweeping new economic sanctions against Iran, with the two sides locked in a standoff over the Strait of Hormuz. Bessent said the United States would impose “the toughest sanctions in history” on Iran.

Macro-Economic Signals – US Treasury Secretary Scott Bessent said he may further increase the government’s repurchases of Treasuries. The Treasury announced Wednesday that it would double the size of buybacks on longer-dated securities over the next quarter, to at least $4 billion per operation.

Technical Triggers    

Gold has broken out of its $4,340–$4,440 range (~Rs 153,000-156,000) and reached its $4,500 target (~Rs 158,500), with $4,600 (~Rs 162,000) now next in sight.

Silver has broken sustainably above its $66 double top and is now pointing toward $70-71 (~Rs 250,000-255,000).

Dr.Renisha Chainani, Head- Research, Augmont