Gold Silver Reports ✅ — Technically Gold market is getting support at 29180 and below same could see a test of 29070 level, And resistance is now likely to be seen at 29444, a move above could see prices testing 29534.
Gold on MCX settled down -0.71% at 29305 came under pressure from a strong U.S. dollar and rising bond yields. While overall sentiments remain firm as support seen as tensions surrounding North Korea and the upcoming French presidential election offered support to the safe-haven asset amid a firmer dollar.
A run of disappointing U.S. economic data and doubts the Trump administration will progress with tax cuts have quelled expectations of faster inflation, while the Federal Reserve said in its Beige Book that the U.S. economy expanded at a modest-to-moderate pace between mid-February and the end of March.
While US Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea but added that the United States would defeat any attack with an “overwhelming response”.
Meanwhile prospects for the euro zone economy have improved but the time to withdraw support has not yet come, three European Central Bank rate setters said on Wednesday, days before a tense French presidential election and the ECB’s own policy meeting. >From physical side SPDR Gold Trust said its holdings rose 1.39 percent to 860.76 tonnes on Wednesday from 848.92 tonnes on Tuesday.
In India the appreciating rupee has opened up an opportunity for gold buyers in the country, as the increase in global prices of the metal is cushioned by almost six percentage point’s ahead for Akshaya Tritiya festival which can good this year. — Neal Bhai Reports