GOLD SPOT HIGH @ $1222.50
Gold Futures Jump After Yellen’s Remarks
Gold Silver Reports — The gold market rendered a quick dovish read on Federal Reserve Chair Janet Yellen’s prepared testimony to Congress. Yellen said Wednesday that “considerable uncertainty always attends the economic outlook,” citing “uncertainty about when — and how much — inflation will respond to tightening resource utilization.”
Silver MCX Under Short Covering Support Key 36610
Gold Silver Reports — Technically Silver market is under short covering as market has witnessed drop in open interest by -1.87% to settled at 21361 while prices up 203 rupees.
Gold Imports by India Said to More Than Double Ahead of New Tax
Gold Silver Reports — Gold imports by India, the world’s second-biggest user, more than doubled in June from a year earlier amid a rush by jewelers to build up inventories ahead of a tax change.
HSBC Sees Rupee Weakness as Foreigners Put Brakes on India Flows
Gold Silver Reports — The Indian rupee may weaken as global funds start to hit buying limits for the nation’s debt and valuations for equities look expensive, according to HSBC Holdings Plc.
