MCX Gold Tips Reports : 51100 to 51753, Enjoy With Family

MCX Gold Tips Reports : 51100 to 51753, Enjoy With Family – Indian gold prices started inching up in January in response to geopolitical tension, rising by 8% to Rs 45,434 per 10 grams (excluding taxes) in the March quarter. The prices stood at Rs 42,045 crore in the three months through March last year.

A sharp 26% fall in jewellery demand to 94.2 tonnes more than offset a 5% rise in investment demand, which stood at 41 tonnes.

Somasundaram PR, WGC regional chief executive officer (India) said: “Since 2010, barring the pandemic periods, this is only the third time the March quarter total has been below 100 tonnes (for jewellery). Fewer auspicious days coupled with a sharp rise in gold prices meant fewer weddings and a pause in retail demand, with households postponing gold buying in anticipation of a price correction.”

Recycling surged by 88% in the March quarter and net bullion imports for the quarter dropped 58%.

Somasundaram said the hiatus in demand growth could be a result of mixed sentiments in the market about price, uncertainty about Covid caused by news in the neighbouring market (China), fear of inflation and the long-term impact of the global conflict.

“We believe these developments will cause trade and consumer sentiments to turn firmly positive for gold,” he said. Despite the Omicron onslaught at the beginning of 2022, India’s economic growth continues to rebound from the pandemic era slowdown. The impact of revival in the rural markets, more particularly with a forecast of a normal monsoon for a fifth consecutive year, will likely be significant for gold this year.

“The ongoing geopolitical situation has reinforced gold’s role as a mandatory asset in every portfolio for its diversification and hedging properties when it matters, and this will strengthen the relevance of gold across the spectrum,” he said.

Gold Forecast and Technical Analysis

Gold Price extends rebound from the 100-DMA level, surroudning $1,877 by the press time. The recovery moves, however, need validation from the early month’s swing low near $1,915.

On a four-hour scale, Yellow Metal (Gold) is bid around the supply zone placed in a narrow range of $1,891——-1,896. The asset is facing barricades near the 20-period Exponential Moving Average (EMA) at $1,899. While the downward trending 50-EMA at $1,918 is still advocating bears. The Relative Strength Index (RSI) (14) is attempting a range shift from 20.00-40.00 to 40.00-60.00, which could signal a short-lived reversal.

MCX Gold Tips Reports : 51100 to 51753, Enjoy With Family via @goldsilverrepor
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