Gold On MCX Settled Down -0.76% At 28653


Gold on MCX settled down -0.76% at 28653 pressured by rising U.S. stocks and an agreement that averted a U.S. government shutdown, dampening demand for non-interest paying bullion. U.S. Congressional negotiators hammered out a bipartisan agreement on a spending package to keep the federal government funded through Sept. 30, averting a government shutdown. Gold briefly moved higher after U.S. construction spending unexpectedly fell in March from a record high, government data showed, while the Institute for Supply Management (ISM) manufacturing employment index came in at the lowest since October. Many financial markets in Asia and Europe were closed for the May Day holiday.

Tokyo markets will be closed for three days from Wednesday for a string of holidays known as Golden Week, and many investors take additional time off. U.S. President Donald Trump said he was actively considering breaking up big banks, Bloomberg Television reported. Trump's comments could give a push to efforts to revive the Depression-era Glass-Steagall law that separated commercial lending from investment banking. Reviving such a law would require an act by Congress. Money managers increased their net long position in COMEX gold contracts for the sixth straight week to April 25, U.S. government data showed. Technically market is under fresh selling as market has witnessed gain in open interest by 2.24% to settled at 5069 while prices down -220 rupees, now Gold is getting support at 28562 and below same could see a test of 28470 level, And resistance is now likely to be seen at 28820, a move above could see prices testing 28986. 
 
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Suhani Verma

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