• Supported by a declining dollar, gold extended its gains from the previous session to approximately $3325 (~Rs 96500) as investors continued to keep an eye on trade events and review the most recent FOMC minutes.
  • The Fed’s June meeting minutes revealed disagreement among officials over the timing and scope of possible interest rate cuts.
  • Views varied from supporting a reduction as early as July to favouring no cuts at all by year’s end, even though the majority expected some easing later this year.
  • In the face of conflicting economic signals, such as tariff-related inflation threats, declining consumer spending, and a labour market that is nonetheless robust, the Fed remained cautious and data-driven.

Technical Triggers

  • Gold continues to trade near the lower side of the range of $3300 (~Rs 96250) and $3400 (~Rs 98500). If prices sustain below $3280 (~Rs 96000), weakness could further extend to $3200 (~Rs 94000).
  • Silver is not able to sustain above its range of $37.5 (~Rs 108,500) and $35.5 (~Rs 105,000). Consolidation continues before heading higher towards the next target is $38 (~Rs 110,000).

Dr. Renisha Chainani, Head- Research, Augmont – Gold for all