Gold On MCX Settled Down -0.43%

Gold on MCX settled down -0.43% at 29440 id stronger dollar and after a written testimony by a former FBI director to the U.S. Senate was seen as containing few surprises. Pressure seen after a written testimony by former FBI director James Comey ahead of his Congressional appearance was seen containing few fireworks, as investors also braced up for the UK national elections and a policy meeting of the European Central Bank later in the day.

Yesterday Comey said that U.S. President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia's alleged meddling in the 2016 presidential election. While British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks, with her personal authority at stake after a campaign that saw her lead in opinion polls contract.

Also the European Central Bank is likely to keep the money taps fully open at its meeting on Thursday as inflation remains below its target despite stronger economic growth in the euro zone. From physical market the holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.14 percent to 864.93 tonnes on Wednesday.

In India as Government of India implements GST, 3% tax will be extracted from the gold jewelers, but ICRA insists that the demand for gold products will remain constant, reasoning that waving off of farm loans in rural areas and increasing disposable income in urban parts of the country will provide the necessary traction in order to maintain the balance. Technically now Gold is getting support at 29370 and below same could see a test of 29301 level, And resistance is now likely to be seen at 29526, a move above could see prices testing 29613.

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Suhani Verma

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