Gold MCX Tips Today: Gold yesterday settled up by 1.07% at 45418 as the dollar lost some ground and the yields on U.S. bonds dropped a bit. Data showing an increase in U.S. initial jobless claims also contributed gold’s uptick.
Investors were also weighing the impact of the massive infrastructure plan announced by President Joe Biden. Biden on Wednesday outlined a $2.3 trillion plan to reengineer the nation’s infrastructure over the next eight years.
“It’s a once-in-a-generation investment in America,” Biden said in a speech in Pittsburgh about his plan. India’s gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers.
Gold MCX Tips Today And Next Yellow Metal Target Price
- Gold MCX Next Target Price is 46100-46380.
- Gold settled higher as the dollar lost some ground and the yields on U.S. bonds dropped a bit.
- Data showing an increase in U.S. initial jobless claims also contributed gold’s uptick.
- India’s March gold imports surge 471% to a record 160 tonnes.
Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020. The surge in imports could increase India’s trade deficit and pressure the rupee.
India imported a record 321 tonnes in the March quarter, up from 124 tonnes a year ago, the source said. In value terms, March imports surged to $8.4 billion from $1.23 billion a year ago. India’s gold imports in April could fall below 100 tonnes as jewellers fear government could impose lockdown to arrest rising coronavirus infections.
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