Gold Blinks, yet Silver looks firm!

 

Gold holds key support in record year!  

Jordan Eliseo, GM- ABC Bullion Australia said, Gold holds key support in record year for precious metals! Gold prices held above key support this week -23 June to 27 June, 2025, after a brief but notable sell-off driven by market perceptions that the recent hostilities in the Middle East will not meaningfully escalate.  

Last trading at USD $3,326 and AUD $5,082 per troy ounce (oz), gold is on track to deliver one of its strongest financial year gains on record, with the price up by 42% (in USD terms) and 45% (in AUD terms) since 30th June 2024. Silver is also on track to record one of its strongest years, last trading at USD $36.83oz and AUD $56.27oz, with silver rallying by 25% (in USD terms) and 28% (in AUD terms) since the end of the last financial year.

Despite the strong gains over the past twelve months, and the various catalysts driving precious metal demand, there seems little sign of euphoria in precious metal markets, even if they have very much become a front of mind asset class for investors worldwide. 

This bodes very well for the outlook for precious metals in the coming financial year and beyond, as investors are not notably overweight in their allocations to precious metals.  

In the row, Augmont Bullion, India witnessed the finish-line of the week on 27^th June, they said, gold extends losses, weighed by stronger US data despite a weak dollar, gold dropped to about $3310, continuing recent losses as investors evaluated the Fed's prospects for rate cuts.  

As early as September or October, President Trump may name his Fed Chair nominee, most likely choosing a candidate who supports more lenient financial regulations. On the data front, the US GDP was lowered to indicate a 0.5% decline in Q2, which further supported dovish forecasts. However, durable goods orders posted their largest growth in 11 years, while jobless claims dropped to a five-week low.  

By showing Technical Triggers, Augmont Bullion said, as suggested yesterday, if gold prices hold below $3330 (~Rs 97000), they may retrace to $3275 (~Rs 96000), same trend continues. However, it may go towards $3440 (~Rs 99000) if prices continue to rise beyond $3385 (~Rs 98000).  Silver has achieved the target of $36.75 (around Rs 107,500) on the upside. Now prices are expected to consolidate in the range of $36(~ Rs 105,000) and $37 (~Rs 107,000).

Looking at the Augmont Bullion’s available market figures, one may suggest that, gold blinks, goes little soft yet, look firm at the price parity!  

While drawing big picture ABC Bullion Australia said about supports & suggested, Norman’s summary of the price action in metals and other market in the past week hits the mark. It also serves as a valuable reminder to focus on the big picture as it relates to gold, rather than short-term drivers and dynamics, especially with a new financial year approaching.  

That big picture involves debt and deficit levels that can’t be meaningfully or easily addressed. It involves overvaluation in risk assets. It includes excessive speculation in new assets like cryptocurrencies. Finally, that big picture involves a continued deterioration in the real economic conditions that many investors and households are facing, and an evolving recalibration of monetary affairs at a nation state level.  

“These factors are all supportive of higher gold demand, and higher gold prices,” said ABC Bullion.