Gold Hits Fresh Record High, Up 30% YTD Globally & Domestically - HDFC Securities
GLOBAL MARKET ROUND UP
Gold prices reached another record high on Tuesday, marking multiple all-time highs this year and surging more than 30% in both the international and domestic markets. Strong demand from central banks, inflows into exchange-traded funds, and speculation about rate cuts fuel this record-breaking rally in precious metals.
However, prices retreated from a record high in the late evening session on Tuesday on the back of profit-taking by traders.
On the macro front, yesterday’s Nonfarm Payrolls revision indicated the economy added 911,000 fewer jobs than previously estimated between March 2024 and March 2025, with final revisions due in February 2026.
This increase follows an 818,000 downward revision a year earlier. A string of weak labor market reports last week pushed markets to price in three rate cuts this year, including a 25-bps reduction at next week’s Fed meeting.
Investors now await today's U.S. producer prices and tomorrow's consumer price data for further rate cut cues.
Crude oil prices increased on Tuesday due to ongoing conflict between Russia and Ukraine, which fueled expectations of heightened U.S. sanctions and potential supply disruptions. Additionally, an Israeli air strike aimed at the Hamas leadership in Qatar raised geopolitical risks in the Middle East, contributing to the rise in crude oil prices.
Meanwhile, attention now turns to today’s government weekly storage report. Natural gas rose nearly 0.80% on Tuesday, supported by recent declines in daily output and a bullish report from EIA. Copper prices remain steady at the upper end of their range due to ongoing supply concerns.
Operations at Indonesia's Grasberg copper mine were temporarily suspended late Monday in order to rescue workers trapped underground. A prolonged disruption at the mine—considered the world's second largest—could tighten the copper market, which is already facing a shortage of feedstock..
Gold
• Trading Range: 108080 to 109750
• Intraday Trading Strategy: Buy Gold Mini Oct Fut at 108575-108600 SL 108200 Target 109050/109380
Silver
• Trading Range: 123900 to 126480
• Intraday Trading Strategy: Buy Silver Mini Nov Fut at 124450-124475 SL 123600 Target 125750/126175
Crude Oil
• Trading Range: 5480 to 5675
• Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5550-5555 SL 5480 Target 5625/5665
Natural Gas
• Trading Range: 265 to 282
• Intraday Trading Strategy: Sell Natural Gas Sep Fut at 277-278 SL 282.80 Target 271/267
Copper
• Trading Range: 894 to 912
• Intraday Trading Strategy: Sell Copper Sep Fut at 905-906 SL 912 Target 897
Zinc
• Trading Range: 271 to 280
• Intraday Trading Strategy: Buy Zinc Sep Fut at 272.50-273.0 SL 271.0 Target 275.8/277.0
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