Gold and Silver Prices Face Pressure Amid US-Iran Tensions and Inflation Data: Analysts The ongoing US-Iran tensions, fluctuations in crude oil prices, and inflation data have created uncertainty in global markets, with analysts predicting continued volatility in gold and silver prices over the coming week. Experts suggest that the precious metals market remains under pressure, with a correction phase likely to persist. Analysts highlighted that inflation data could influence global interest rates, thereby affecting investor sentiment. Recent geopolitical tensions in the Middle East have intensified fears, with Iran accusing the US of targeting a vessel that bypassed its territorial waters without permission. In response, Iran announced the closure of the Strait of Hormuz, prompting a US military strike. The conflict escalated further as Iran launched attacks on US bases in the UAE, Kuwait, and Bahrain. Pranav Meher, Senior Vice President at JM Financial Services Limited, noted that gold and silver are currently in a correction phase. He warned that if tensions escalate significantly, crude oil prices could rise again, bolstering safe-haven assets like the US dollar and American bonds. Meher also emphasized that markets would closely monitor inflation data from India, the European Union, and the US, as these figures could provide insights into the direction of major central banks’ monetary policies. Domestic markets saw declines in gold and silver prices. On the Multi Commodity Exchange (MCX), the August-delivered gold futures closed at ₹1.43 lakh per 10 grams, a 2.65% drop from the previous week’s closing price of ₹1.47 lakh. Similarly, September-delivered silver futures fell 6.2% to ₹2.22 lakh per kilogram, down from ₹2.34 lakh.#iran #strait_of_hormuz #lkp_securities #us_iran_tensions #jm_financial_services
Gold Surges Rs 2,000 Amid Rupee Weakness, Eyes US Jobs Data as Key Catalyst Gold prices on the Multi Commodity Exchange (MCX) surged by nearly Rs 2,000, reaching Rs 1,49,200 per 10 grams, as the Indian rupee weakened against the US dollar. The domestic spot gold price climbed to Rs 1,49,200, while international prices rebounded above $4,210 per ounce, gaining nearly $55 on Comex. Gold futures for the August contract rose 0.97 percent to Rs 1,48,633 per 10 grams, and silver futures for the July contract jumped 2.26 percent to Rs 2,38,452 per kilogram. Analysts attributed the rise to the rupee’s decline, which supported domestic bullion prices, while the stronger dollar added pressure on the currency. The rupee weakened 0.5 percent against the dollar, slipping to 94.7. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold’s performance was driven by rupee weakness and that the market now focuses on upcoming US Non-Farm Payrolls and unemployment data. “Gold is likely to remain volatile ahead of the US employment data, with both dollar movements and rupee fluctuations influencing price action,” Trivedi said. The report highlighted that the US jobs data could act as a major trigger for gold, with market participants closely watching the outcomes. The Augmont Bullion report (June 22) outlined key factors shaping the precious metals market. It noted that Kevin Warsh’s first FOMC meeting as Fed Chair and the US-Iran interim ceasefire agreement on June 19 were pivotal events. The report also emphasized that ETF flows, which had recovered through April, faced renewed pressure due to higher-for-longer rate expectations. In the short term, gold’s support on Comex is estimated at $4,050–$4,100, with resistance at $4,250. A breakout above $4,250 could push prices toward $4,350.#multi_commodity_exchange #lkp_securities #jateen_trivedi #augmont_bullion #us_non_farm_payrolls
Market Trading Guide: Buy Adani Power and UltraTech Cement on Tuesday for Gains Up to 12% The Nifty index ended a three-day losing streak with strong gains, forming a bullish reversal pattern. Analysts suggest the market may see a near-term recovery, with Adani Power and UltraTech Cement presenting technical buying opportunities. The index rebounded sharply after a decline, driven by gains in banking, automotive, and consumer stocks. Technical indicators indicate potential for a rebound in these stocks. Rupak De, a senior technical analyst at LKP Securities, noted that the broader market sentiment has not changed significantly despite the Nifty’s recovery. He explained that the index did not sustain below the 23,000 level and quickly moved back above it, signaling a possible short-term technical pullback. De highlighted that the index could target 23,800 or higher on the upside, while immediate support is at 23,200. A break below this level could push the index into weakness. Analysts recommend buying Adani Power at Rs 155, with an upside potential of 12%. The stock’s technical structure shows bullish momentum, as it is attempting a breakout from a descending trendline formed over the past few months. The price has rebounded strongly from the rising trendline support near 136, trading above key short-term moving averages. A recent bullish candle supported by increased volume reflects renewed buying interest, and the RSI has moved above the 60 level, signaling strengthening momentum. For UltraTech Cement, the recommendation is to buy at Rs 11,100 with a target of Rs 12,200 and a stop-loss at Rs 10,530. The stock’s technical outlook suggests a buying opportunity as it approaches a long-term rising trendline support near 10,600–10,800.#ultratech_cement #adani_power #nifty_index #lkp_securities #rupak_de
