Gold Trading Range For The Day Is 28036-28228

Gold pared gains as weaker-than-expected private sector payrolls data fed into a more cautious view on the pace of U.S. interest rate hikes and Treasury yields firmed. The ADP National Employment Report showed private sector payrolls increased by 158,000 jobs last month, lower than the 230,000 positions created in May and below expectations for a gain of 185,000.

U.S. private employers hired fewer workers than expected in June and applications for unemployment benefits last week increased for a third straight week, pointing to some loss of momentum in job growth as the labour market nears full employment.

European Central Bank policymakers are open to a further step towards reducing their monetary stimulus but are likely to move slowly out of fear of causing market turmoil, minutes of their last meeting showed. China's central bank said that it would strengthen the ability to adjust interest rates and improve efficiency of its medium-term lending facility (MLF), standing lending facility (SLF) and reverse repos operations.

An increase in taxes on gold sales in India could curb short-term demand from the world's No. 2 consumer of the metal, the World Gold Council (WGC) said. Gold demand in India lost steam this week as consumers held off after stepping up purchases ahead of a new tax policy effective this month, while fresh buying in China also remained sluggish despite a slide in global spot prices.

Technically market is under short covering as market has witnessed drop in open interest by -0.74% to settled at 6306 while prices up 9 rupees, now Gold is getting support at 28076 and below same could see a test of 28036 level, And resistance is now likely to be seen at 28172, a move above could see prices testing 28228.

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Suhani Verma

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