Gold Silver Reports – ⭐⭐⭐⭐⭐ Gold MCX Below 29955 Fresh Selling Support Key at 29520 — Technically Gold market is under fresh buying as market has witnessed gain in open interest by 1.32% to settled at 5973.
Gold MCX is getting support key at 29633 and below same could see a test of 29520 level, And resistance is now likely to be seen at 29888, a move above could see prices testing 29955.
Gold on MCX settled up 0.69% at 29752 as the U.S. dollar index slumped to its lowest in three years but some see the greenback’s slide could be short-lived as it was not driven by fundamentals. The euro rose after an ECB official said the central bank could end its bond purchase scheme after September.
Melek said some investors were also looking to diversify exposure to equity markets, which have been hitting new record highs in recent weeks. The dollar has weakened since the December FOMC meeting, which is ironic considering the Fed raised interest rates, but it was widely expected to do so. However, signs that inflation might be about to pick up and more interest rate rises on the way may well underpin a stronger dollar again.
Gold imports in December rose 71.52 percent from last year to $3.4 billion, while prices increased 1.7 percent from the year-ago period. Gold imports recovered after falling for three straight months as demand was hit by disruption from the Goods and Services Tax rollout. The US gold exports reported significant surge during the initial eleven-month period of the previous year.
The exports during Jan-Nov ’17 rose sharply by nearly 19% when compared with the corresponding eleven-month period in 2016. Meantime, the recent trade data released by the US Census Bureau denoted that the country’s gold imports recorded 35% decline through November in 2017. The exports of gold by the US totaled $18.43 billion during Jan-Nov ’17. – Neal Bhai Reports