MCX GOLD NEWS : 11.01.20174
Gold on MCX settled up 0.33% at 28144 supported by earlier weakness in the dollar ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump's spending plans in the first news conference since his shock election win in November. A gauge of U.S. small business confidence rose to a 12-year high in December as optimism about the economy intensified among business owners following the November election, the National Federation of Independent Business said. Richmond Federal Reserve President Jeffrey Lacker, one of the U.S. central bank's most reliable proponents of interest rate increases, will retire from his post in October, the Richmond Fed said in a statement on Tuesday. The World Bank said global growth would accelerate slightly as recovering oil and commodity prices ease pressures on emerging-market commodity exporters and painful recessions in Brazil and Russia come to an end. In its latest Global Economic Prospects report, the multilateral lender said it expected 2017 real gross domestic product growth to rebound to 2.7 percent from a post-financial crisis low of 2.3 percent last year. Growth in advanced economies is expected to edge up to 1.8 percent in 2017 from 1.6 percent in 2016, the World Bank said, while emerging and developing economies will see growth accelerate to 4.2 percent this year from 3.4 percent last year. Technically market is under short covering as market has witnessed drop in open interest by -5.83% to settled at 7125 while prices up 93 rupee, now Gold is getting support at 28016 and below same could see a test of 27887 level, And resistance is now likely to be seen at 28267, a move above could see prices testing 28389.
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Gold on MCX settled up 0.33% at 28144 supported by earlier weakness in the dollar ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump's spending plans in the first news conference since his shock election win in November. A gauge of U.S. small business confidence rose to a 12-year high in December as optimism about the economy intensified among business owners following the November election, the National Federation of Independent Business said. Richmond Federal Reserve President Jeffrey Lacker, one of the U.S. central bank's most reliable proponents of interest rate increases, will retire from his post in October, the Richmond Fed said in a statement on Tuesday. The World Bank said global growth would accelerate slightly as recovering oil and commodity prices ease pressures on emerging-market commodity exporters and painful recessions in Brazil and Russia come to an end. In its latest Global Economic Prospects report, the multilateral lender said it expected 2017 real gross domestic product growth to rebound to 2.7 percent from a post-financial crisis low of 2.3 percent last year. Growth in advanced economies is expected to edge up to 1.8 percent in 2017 from 1.6 percent in 2016, the World Bank said, while emerging and developing economies will see growth accelerate to 4.2 percent this year from 3.4 percent last year. Technically market is under short covering as market has witnessed drop in open interest by -5.83% to settled at 7125 while prices up 93 rupee, now Gold is getting support at 28016 and below same could see a test of 27887 level, And resistance is now likely to be seen at 28267, a move above could see prices testing 28389.
