Gold On MCX Settled Up 0.25% At 32281

Gold on MCX settled up 0.25% at 32281 as equities slipped on concerns over global growth and trade tensions between the United States and Europe. US President Trump threatened to impose tariffs on $11 billion worth of European Union (EU) products, opening a new front in his global trade war. Adding to investor concerns, the International Monetary Fund (IMF) slashed its global economic growth forecasts for 2019 and warned growth could slow further. US-Europe trade tension troubled the markets. 

The European Union said it is preparing retaliatory tariffs against the US subsidies to Boeing, hours after Washington vowed to hit the EU with duties over its support for Airbus. US Trade Representative Robert Lighthizer proposed a list of EU products ranging from large commercial aircraft and parts to dairy products and wine, on which to impose tariffs as retaliation for European aircraft subsidies. 

US job openings, a measure of labour demand, tumbled by 538,000 to a seasonally adjusted dropped 7.1 million, the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTS). Hedge funds and money managers slashed their bullish wagers in COMEX gold in the week to April 2, the U.S. Commodity Futures Trading Commission (CFTC) said. 

Meanwhile, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the seventh consecutive session, dropping about 0.4 percent to 757.85 tonnes. Technically market is under fresh buying as market has witnessed gain in open interest by 1.52% to settled at 14802 while prices up 80 rupees, now Gold is getting support at 32147 and below same could see a test of 32013 level, And resistance is now likely to be seen at 32354, a move above could see prices testing 32427.

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