MCX settled up 0.29% at 31911 as weak economic data rekindled global growth fears, while bullion’s recovery from four-month lows and an improved technical picture prompted some investors to cover their short positions. Data showed German business morale deteriorated in April as trade tensions hurt the industrial engine of Europe's largest economy. South Korean economy also unexpectedly contracted in the first quarter, fuelling concerns that the global economy is still not out of the woods.
Attesting the bearish momentum, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dipped 0.2 percent to 747.87 tonnes on Wednesday, its lowest since Oct. 19. Recent data out of the U.S. and China have been quite encouraging. Last week, China reported a better than expected 6.4% GDP growth in the first quarter of 2019 and a sharp 8.7% jump in retail sales in March.
A Commerce Department report showed that new home sales in the U.S. unexpectedly jumped to their highest level in well over a year in the month of March. The report said new home sales surged up by 4.5% to an annual rate of 692,000 in March after soaring by 5.9% to a revised rate of 662,000 in February. Investors also eyed further trade negotiations between the United States and China.
The two countries are slated to begin the next round of talks on trade on April 30, in an attempt to conclude a nearly year-long tariff spat. Technically market is under fresh buying as market has witnessed gain in open interest by 0.13% to settled at 13517 while prices up 93 rupees, now Gold is getting support at 31735 and below same could see a test of 31559 level, And resistance is now likely to be seen at 32056, a move above could see prices testing 32201.
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