Gold On MCX Settled Down -1.09% At 28814


Gold on MCX settled down -1.09% at 28814 as increased investor appetite for risk boosted equities and dulled demand for safe-haven assets. Bullion fell 0.9 percent on Tuesday, the biggest one-day decline since early March. U.S. consumer confidence fell from a more than 16-year high in April, but a surge in new home sales to an eight-month high last month suggested underlying strength in the economy.
The threat of a U.S. government shutdown this weekend appeared to recede on Tuesday after President Donald Trump backed away from a demand that Congress include funding for his planned border wall with Mexico in a spending bill. Goldman Sachs, in a note, said it continues to expect gold to come under pressure in the near term on a potential rally in real interest rates following the expected unveiling of President Trump's tax policies on Wednesday or later.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.69 percent to 854.25 tonnes on Tuesday. China's net-gold imports via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday.
 
Technically market is under fresh selling as market has witnessed gain in open interest by 0.05% to settled at 5872 while prices down -317 rupees, now Gold is getting support at 28696 and below same could see a test of 28578 level, And resistance is now likely to be seen at 29001, a move above could see prices testing 29188. 
 

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Suhani Verma

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