Gold On MCX Settled Up 0.79% At 28888

Gold on MCX settled up 0.79% at 28888 as a fresh round of geopolitical jitters, this time pinned to North Korea, offset generally gold-negative sentiment stemming from expectations for higher interest rates. San Francisco Federal Reserve President John Williams said he is spending more time thinking about how fiscal policies under U.S. President Donald Trump could impact the economy, and so far he sees small short-term gains and little for the longer term. 

Federal Reserve Governor Lael Brainard said that a brighter global economy is posing less risk to the Fed's outlook for the U.S. The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44-year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month.

China's net gold imports via main conduit Hong Kong dropped 33.5 percent in April from the previous month, data showed. Net gold imports by the world's top consumer fell to 74.202 tonnes from 111.647 tonnes in March, according to data by the Hong Kong Census and Statistics Department. Total gold imports slid to 81.475 tonnes in April from 116.68 tonnes in March. French President Emmanuel Macron offered to help British Prime Minister Theresa May marshal support in the fight against terrorism on Friday, days after a suicide bomber killed 22 people in Manchester.

May, at her first G7 meeting since becoming prime minister last year, was set to urge the world's major industrialized nations to encourage technology firms to stop militants moving "from the battlefield to the internet". Technically now Gold is getting support at 28760 and below same could see a test of 28633 level, And resistance is now likely to be seen at 28959, a move above could see prices testing 29031.

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Suhani Verma

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