Friday, 21 July 2017

Gold demand slumps as prices rise, seasonal consumption slows in India

Gold demand in Asia eroded this week due to higher prices with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India.Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued, especially as the wedding season has passed.

 

The international spot gold benchmark hit a three-week high of $1,248.35 an ounce on Friday, with prices set for an about 1.5 percent weekly gain, bolstered by weakness in the U.S. dollar, which was at multi-month lows.

 

In top consumer China, premiums were slightly below the $10 per ounce level reported last week, while in Hong Kong, the premiums were at 60 cents to $1 against 70 cents to $1 in the previous week.

 

Technically market is under short covering as market has witnessed drop in open interest by -0.92% to settled at 5951 while prices up 81 rupees, now Gold is getting support at 28182 and below same could see a test of 28032 level, And resistance is now likely to be seen at 28431, a move above could see prices testing 28530.

 

For Daily Commodity Market Update or Share Market News visit www.marketmagnify.com or missed call 7879881122.

4 comments:

  1. In MCX HNI Best tips for traders. This service we provide bigger targets for intraday trading , commodity trading tips and also full telephonic support on position of the traders.
    commodity signals
    MCX HNI tips
    daily intraday trading tips

    ReplyDelete
  2. Divis Q1FY2018 result lower than expectation
    Capitalstars

    ReplyDelete

  3. BUY SILVER ABOVE 37960 TGT 38110-38310-38650 SL BELOW 37760 CMP 37956

    MCX COMMODITY TIPS TODAY!

    ReplyDelete
  4. UPCOMING-RESULTS:
    ALKEMLAB,ALBK,BANKINDIA,BEML,BOSCH,BPCL,DENABANK,DLF,DREDGINGCORP,JAINIRRIGATION,KESORAM,MCLEOD,MOTHERSUMI,MRF,NILAKAMAL,NESTLE,OIL,SUNTV,SBIN,SOBHA,TIMKEN.capitalstars payment

    ReplyDelete