Gold On MCX Settled Down -0.98% At 29131


Gold on MCX settled down -0.98% at 29131 as polls showed centrist candidate Emmanuel Macron easily beating anti-EU stalwart Marine Le Pen in the May 7 French presidential election. Macron emerged as the top vote-getter in yesterday's first round of the French electoral process. A victory for Macron next month would likely mean the status quo for the EU and euro currency.

While last week Gold rallied last week to a 5-month high, but has levelled off amid diminished appetite for safe haven assets. Gold prices edged higher last week as investors remained cautious ahead of the first round of voting in the presidential French election, underpinning safe haven demand for the precious metal.

Gold prices in India were at a premium as jewellers raised purchases ahead of a key festival, while higher prices kept bullion demand in check elsewhere in Asia. Dealers in India, the world's second-largest gold market, were charging a premium of up to $1 an ounce over official domestic prices, compared to a discount of $1 last week.

Premiums in top consumer China came down to $3-4 an ounce over the international benchmark from $6-$7 an ounce last week. In the week ahead, political developments in France are likely to set the tone ahead of Thursday’s European Central Bank meeting and Friday’s euro zone inflation data. Investors will also be focusing on preliminary estimates of first quarter growth from the UK and the U.S. on Friday. Technically market is under long liquidation as market has witnessed drop in open interest by -12.39% to settled at 5869 while prices down -287 rupees, now Gold is getting support at 28978 and below same could see a test of 28824 level, And resistance is now likely to be seen at 29268, a move above could see prices testing 29404. 
 

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Suhani Verma

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