- Silver strikes a new high above $37 (~Rs 109,000) as investor tensions over the growing crisis between Israel and Iran boosted the market for safe-haven assets.
- Iran and Israel fired additional missile strikes at each other on Wednesday as the air war between the two old adversaries entered a sixth day despite a call from U.S. President Donald Trump for Iran’s unconditional surrender.
- Though consumer spending is currently underpinned by strong wage growth, U.S. retail sales fell more than anticipated in May due to a decline in motor vehicle purchases as the hurry to beat prospective tariff-related price spikes subsided.
Technical Triggers
- Gold prices are consolidating around record-high levels in the range of $3360(~Rs 99000) and $3475( (~Rs 101,000).
- Silver has crossed the $37 (~Rs 109,000) resistance. The next target is $38 (~Rs 112,000) if this positive momentum continues.
Dr. Renisha Chainani, Head – Research at Augmont
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