Gold traded in range after data showing euro zone businesses were under pressure reignited concerns about global growth, but a stronger dollar capped its gains. Euro zone businesses started this quarter on the back foot, with growth unexpectedly slowing again, surveys showed. The weak manufacturing surveys from Asia and Europe stoked fears of a slowdown in global growth.
The euro zone numbers came at a time when global markets were slowly recovering from fears of a slowdown after a slew of positive data from China and the United States. Also on investors’ radar will be developments in U.S.-China trade talks. Washington and Beijing have set a tentative timeline for the next round of talks and are aiming to conclude negotiations by early June.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, stood at 752.86 tonnes, a marginal increase from the previous day but still around their lowest levels since Oct. 27. Gold premiums in top consumer China jumped to their highest in more than two years, as a drop in global prices and strengthening yuan encouraged purchases amid optimism about the state of the economy. In India, demand was steady as lower domestic prices prompted buyers to make purchases for weddings and an upcoming festival.
Indian gold futures were trading near their lowest level in three months. Dealers were charging a premium of up to $2.5 an ounce, over official domestic prices, the highest in nearly five months, unchanged from last week. Technically market is under long liquidation as market has witnessed drop in open interest by -2.99% to settled at 13726, now Gold is getting support at 31372 and below same could see a test of 31281 level, And resistance is now likely to be seen at 31585, a move above could see prices testing 31707.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com
✆ - 0731-2428906 | Toll Free - 1800-123-2353
Give a Missed Call for Free Trial - 09699997717
No comments:
Post a Comment