MCX GOLD NEWS : 13.01.2017

MCX GOLD NEWS : 13.01.2017


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Gold on MCX settled up 0.33% at 28393 tracking gain's from Comex Gold which was higher in yesterday's session gained in the line of expectation rising above $1200 an ounce for the first time since November, while prices settled with limited gains of $3.20 to settle at $1,199.80/oz, after rising near $1210 earlier in the day. Gold failed to hold that benchmark amid mixed signals on interest rates from a number of Federal Reserve officials. One Fed member said he favored three rate hikes in 2017, another wants two, while another said one rate hike would be most appropriate. The trio of Fed speeches took place ahead of remarks tonight from Fed Chair Janet Yellen. While markets were in a cautious mood all day amid concerns about the political transition between Obama and Trump. On the trade front, the U.S. Congress is talking about border taxes which would impose a levy on all imports coming into the country as a way to pay for corporate tax breaks. While that now just talk, Trump's declared plans to renegotiate trade agreements and impose tariffs could drive the dollar higher, a potential negative counterweight for gold. Traders are now remained unconvinced. Instead, markets are pricing in just two rate hikes during the course of this year. While Global financial markets will turn their attention to U.S. economic reports, particularly Friday’s retail sales figures for December. Technically market is getting support at 28314 and below same could see a test of 28234 level, And resistance is now likely to be seen at 28497, a move above could see prices testing 28600.