MCX GOLD NEWS : 09.01.2017
Gold on MCX settled down -0.22% at 27887 as the dollar strengthened lifted by U.S. non-farm payrolls data that showed a slowing in hiring last month but an increase in wages. Non-farm payroll data showed that the United States added 156,000 jobs in December, less than expected, but a rebound in wages pointed to sustained labour market momentum, stronger growth and further interest rate rises from the Fed. The Fed has indicated that it will press ahead with further rate hikes this year after its second in a decade last month. Minutes from the Fed's December policy meeting showed most officials thought the U.S. economy could grow more quickly because of tax cuts and infrastructure spending under President-elect Donald Trump’s incoming administration. Gold demand in Asia gathered some steam on wedding season purchases in India, with prices swinging to a premium there for the first time in over a month, and traders expecting demand to strengthen due to the upcoming Chinese New Year. In India, the world's second-largest consumer of the metal, were charging a premium of up to $1 an ounce this week over official domestic prices, compared to a discount of up to $4 last week. Gold imports in December fell 71 percent from a year ago to 31 tonnes as the cash crunch squeezed demand. In China, the world's top gold consumer, gold was sold at a premium of between $17 and $20 an ounce to the global benchmark, against a $20 to $22 premium in the previous week. Technically market is under long liquidation as market has witnessed drop in open interest by -1.05% to settled at 7148 while prices down -61 rupee, now Gold is getting support at 27813 and below same could see a test of 27740 level, And resistance is now likely to be seen at 27971, a move above could see prices testing 28056.
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Gold on MCX settled down -0.22% at 27887 as the dollar strengthened lifted by U.S. non-farm payrolls data that showed a slowing in hiring last month but an increase in wages. Non-farm payroll data showed that the United States added 156,000 jobs in December, less than expected, but a rebound in wages pointed to sustained labour market momentum, stronger growth and further interest rate rises from the Fed. The Fed has indicated that it will press ahead with further rate hikes this year after its second in a decade last month. Minutes from the Fed's December policy meeting showed most officials thought the U.S. economy could grow more quickly because of tax cuts and infrastructure spending under President-elect Donald Trump’s incoming administration. Gold demand in Asia gathered some steam on wedding season purchases in India, with prices swinging to a premium there for the first time in over a month, and traders expecting demand to strengthen due to the upcoming Chinese New Year. In India, the world's second-largest consumer of the metal, were charging a premium of up to $1 an ounce this week over official domestic prices, compared to a discount of up to $4 last week. Gold imports in December fell 71 percent from a year ago to 31 tonnes as the cash crunch squeezed demand. In China, the world's top gold consumer, gold was sold at a premium of between $17 and $20 an ounce to the global benchmark, against a $20 to $22 premium in the previous week. Technically market is under long liquidation as market has witnessed drop in open interest by -1.05% to settled at 7148 while prices down -61 rupee, now Gold is getting support at 27813 and below same could see a test of 27740 level, And resistance is now likely to be seen at 27971, a move above could see prices testing 28056.