Gold Prices Ended With Gains On Weekly

Gold prices ended with gains on weekly basis as the dollar softened on political turbulence in the United States, boosting bullion's safe-haven appeal. Safe-haven demand was boosted following reports this week that U.S. President Donald Trump asked former FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia.

Former FBI Director Robert Mueller was appointed on Wednesday by the Justice Department as a special counsel to take over the probe into Russia's interference in the 2016 election. New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labour market slack. Gold demand in Asia was mostly subdued this week as buyers stayed on the sidelines due to a rebound in bullion prices.

In China, the world's top consumer of gold, demand for the metal fell after improving in the previous three weeks. Premiums in China fell by about $5 an ounce to $10. Premiums in Hong Kong were priced at about 60 cents to $1 an ounce, almost unchanged from the week before. Dealers in India were charging a premium of up to $1 an ounce this week over official domestic prices, unchanged from last week.

The domestic price includes a 10 percent import tax. Technically market is under long liquidation as market has witnessed drop in open interest by -2.46% to settled at 4077 while prices down -70 rupees, now Gold is getting support at 28515 and below same could see a test of 28395 level, And resistance is now likely to be seen at 28770, a move above could see prices testing 28905.

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Suhani Verma

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