Gold Silver Reports — Technically MCX Gold is under fresh buying as market has witnessed gain in open interest by 0.24% to settled at 5965 while prices up 210 rupees.
Gold MCX is getting support key at 28310 and below same could see a test of 28125 level, And resistance key is now likely to be seen at 28652, a move above could see prices testing 28820.
Gold on MCX settled up 0.74% at 28541 as turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.
White House Press Secretary Sean Spicer quit Friday after telling Trump he disagreed with the hiring of Anthony Scaramucci as communications director, reports said.Bond yields fell after European Central Bank President Mario Draghi said the ECB was in no rush to scale back its asset purchase programme.
The greenback retreated against a basket of major currencies, with the dollar index hitting a more than one-year low. Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have fallen 4.3 percent, or 1.2 million tonnes, this month.
Gold demand in Asia eroded due to higher prices with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India.
Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued, especially as the wedding season has passed.
Dealers were offering a discount of up to $1 an ounce over official domestic prices, compared to a discount of $1.20 last week, said four sources from jewellers, banks and gold dealers.
Data from consultancy GFMS shows India’s gold imports climbed to an estimated 75 tonnes in June from 22.7 tonnes a year earlier. For the first half of the year imports rose to 514 tonnes, up 161 percent year on year. — Neal Bhai Reports
