Price Movement

Gold and silver clawed back some lost ground as softer oil prices and a weaker US dollar gave both metals room to breathe, even as traders kept one eye on the Middle East and the other on where global rate policy is headed next. The Bank of Japan pushed rates to a 31-year high and made clear it isn’t done tightening. The Bank of England, meanwhile, held steady on Thursday — but with a warning attached: rates could still move higher from here.

Geopolitical Tensions

Supply-risk calculations are back on the table after Saudi Arabia and Yemen’s Iran-backed Houthis exchanged strikes on Thursday. In a notable diplomatic move, China has pressed Tehran to rein in the Houthis following their intensified military activity over the past week.

Macro-Economic Signals

The Fed delivered a rate hike on Wednesday and signalled more are likely in the months ahead. Chair Kevin Warsh backed the unanimous call — a decision that, in effect, concedes the Trump administration has yet to get a handle on inflation, something policymakers still see as a risk to the outlook.

Technical Triggers

Spot gold has support at $4,275 (~Rs 150,000); a sustained break below that level opens the door to the psychological $4,150 (~Rs 145,500) mark as the next line of defence, while resistance sits in the $4,430–4,500 (~Rs 155,000–156,000) band.

Spot silver has carved out a Head and Shoulders pattern, with neckline support at $62.5 (~Rs 231,000) key to preserving its broader uptrend. A sustained break below that level would expose $60 (~Rs 220,000) and $57 (~Rs 210,000), while $67.5 (~Rs 244,000) caps the near-term upside.

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