Precious Metal fall to a 27-month low on higher interest rate bets

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold is consolidating in range of 50000 and 51000, while Silver is in downtrend trading below 54000

    Long-term View (3-4months) – Positive – Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.

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    Important News and Triggers 

    Precious Metal fall to 27 months low on higher interest rate bets

    • International News – Precious Metal tumbles to a 27-month low, as CPI for the June came in at a new four-decade high of 9.1%, bets on rates have been volatile — with the pendulum swinging between an unprecedented increase of 100 basis points for July versus the broader consensus for a 75-basis point hike.
    • Demand and Supply – Fed Watch tool showed an almost 82% chance of a full percentage-point hike at the July 27 rate revision meeting of the central bank.
    • Economic Data– It was plausible for the Fed funds rate to be “higher than 4% by the end of the year if data continues to come in in an unfavorable way.
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.
    1. https://insights.augmont.com/disclaimer ko
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