Gold Settled Flat As Progress In U.S.-China Trade

Gold settled flat as progress in U.S.-China trade talks lifted risk sentiment, taking the sheen off safe-haven bullion even as the dollar weakened. U.S. Treasury Secretary Steven Mnuchin said he hoped U.S.-China trade talks were approaching a final lap. That, combined with strong Chinese export and euro zone industrial production data, has lifted global equities, bund yields and the euro.

Reports showed that the weekly jobless claims in the United States fell to the lowest in nearly half a century and producer prices increased the most in five months in March. A stronger U.S. economic picture of late has also dampened the appeal of the non-yielding metal, with U.S. reports showing import prices surpassed expectations and consumer sentiment seen stabilising. India’s gold smugglers have slowed their operations over worries their shipments will be caught up in seizures of cash, bullion, booze and drugs that are aimed at controlling vote-buying in the country’s national elections, industry officials told. 

Dealers were charging a premium of up to $2.50 an ounce over official domestic prices, the highest in nearly five months. Up to 95 tonnes of gold was smuggled into India in 2018, according to the World Gold Council, although India’s Association of Gold Refineries and Mints and other industry bodies put the figure at more than twice that. Hedge funds and money managers increased their bullish wagers in COMEX gold in the week to April 9, the U.S. Commodity Futures Trading Commission (CFTC) said. 

Technically market is under fresh selling as market has witnessed gain in open interest by 0.63% to settled at 14397 while prices down -6 rupees, now Gold is getting support at 31732 and below same could see a test of 31609 level, And resistance is now likely to be seen at 31926, a move above could see prices testing 31997.

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