Thursday, 8 June 2017

GOLD MARKET NEWS UPDATE


Gold on MCX settled down -0.43% at 29440 id stronger dollar and after a written testimony by a former FBI director to the U.S. Senate was seen as containing few surprises. Pressure seen after a written testimony by former FBI director James Comey ahead of his Congressional appearance was seen containing few fireworks, as investors also braced up for the UK national elections and a policy meeting of the European Central Bank later in the day.

 

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In India as Government of India implements GST, 3% tax will be extracted from the gold jewelers, but ICRA insists that the demand for gold products will remain constant, reasoning that waving off of farm loans in rural areas and increasing disposable income in urban parts of the country will provide the necessary traction in order to maintain the balance. Technically now Gold is getting support at 29370 and below same could see a test of 29301 level, And resistance is now likely to be seen at 29526, a move above could see prices testing 29613.

 

                   Trading Ideas

* Gold trading range for the day is 29301-29613.

* Gold prices fell amid stronger dollar and after a written testimony by a former FBI director to the U.S. Senate was seen as containing few surprises.

* British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks.

* Holdings in SPDR Gold Trust rose 1.14 percent to 864.93 tonnes on Wednesday.

1 comment:

  1. Gold rates slipped on Friday, to deal near an 8-week low as a very stronger U.S. dollar weighed on the demand for the valuable metal and as the investors were pointing to the upcoming statement on United State nonfarm payrolls due afterward in the day.

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