Gold Silver Reports — Technically gold market is getting support at 29200 and below same could see a test of 29070 level, And resistance is now likely to be seen at 29480, a move above could see prices testing 29700.
Gold MCX settled up 0.44% at 29217 gained in yesterday’s session as global markets absorbed weekend terrorist attacks in London and investors awaited the outcome of the ECB meeting and UK general election later this week.
Prices, also settled at their best level in about six weeks on Friday, and rose roughly 1% for the week, as a reading on US job growth Friday fell short of forecasts for a strong payrolls jump in May.
While from data side US economic data released Monday were mixed, with a government report showing that the productivity of American companies and their employees was unchanged in the first three months of this year, instead of declining at a 0.6% annual rate.
The ISM said its non-manufacturing index fell 0.6 points to 56.9% in May, while the Commerce Department reported that factory orders dipped 0.2% in April. Economic figures can sway expectations on the pace of US interest-rate hikes this year, though a June hike is still seen as a strong likelihood.
Higher interest rates tend to push investors into assets that offer a yield, which gold doesn’t. From physical side Rural demand for Gold in India will be good this year as good monsoon, rise in minimum support prices, rural employment guarantee scheme and waiver of farm loans in few states are few points which will support demand.
In the U.S., market players will pay close attention to former FBI director James Comey’s testimony to the Senate Intelligence Committee, in a hearing that could add to difficulties facing the Trump administration. — Neal Bhai Reports