Gold Silver Reports (GSR ) – Gold Prices remain positive as the ongoing US government shutdown drags on risk appetite, and the uncertainty surrounding fiscal Policy may ultimately push the FOMC to endorse a wait-and-see approach at the next interest rate decision on January 30.
Both chambers of the U.S. Congress convened for only a few minutes late, but took no steps to end a partial federal government shutdown before adjourning until next week.
MCX Gold Technically support key 31333 and below same could see a test of 31090 levels and resistance key 31754, above could see prices testing 31833.
Physical gold demand lacked vigour in most Asian hubs in the week as limited safe haven interest failed to lift activity into the year end, while jewellers in India stepped up purchases, hoping for a further leg to a rally in domestic rates.
Meanwhile, there was a marginal uptick in second biggest consumer India, with some jewellers stocking up in anticipation of a further rally in prices. Dealers in India were offering a discount of up to $2 an ounce over official domestic prices, unchanged from the prior week.
China’s net gold imports via main conduit Hong Kong rose 28 percent in November from the previous month to their highest since July, data showed.