Price Movement – Gold and Silver slipped as traders priced in the growing likelihood that major central banks will hold rates higher for longer in their fight against sticky inflation. Meanwhile, China’s demand story kept strengthening in the background: gold imports through August already topped 1,000 tons, blowing past the country’s entire 2025 total on the back of robust investment buying.

Geopolitical Tensions – The US-Iran standoff took a curious turn this week. President Trump described a “very good” meeting between American officials and Iranian envoys, and Tehran signaled it could reopen the Strait of Hormuz within a week if Washington eases military pressure and lifts its blockade on Iranian ports. Yet in the same breath, Trump warned he could “annihilate” Iran should talks collapse — even as he hinted a deal might be within reach amid renewed diplomatic efforts at the UN. The mixed signals are keeping markets on edge.

Macro-Economic Signals – The Fed added another 25 basis points last week, taking its benchmark rate to 3.75%-4.00%, and left the door open for one more hike before year-end. The Bank of Japan and the European Central Bank have moved in the same direction recently. Commentary from Fed officials this week reinforced the cautious tone.

Technical Triggers
Spot gold is trading in a $4,250–$4,450 (~ Rs 150,000-154,000) range with a bullish bias. Buy on dips near support and sell into rallies. A break above the upper resistance could open the way to $4,600–$4,700 (~ Rs 160,000-165,000).

Spot silver is trading in a $62.5–$67.5 (~ Rs 230,000-242,000) range, also with a bullish bias. The approach is the same: buy dips near support and sell rallies. A break above resistance could take it toward $70–$71 (~ Rs 250,000).

Dr. Renisha Chainani, Chief Research Officer (CRO),Augmont