Mcx Market Trading idea Today (17/01/2018) : Gold, Silver, Crude, Natural Gas, Copper, Zinc, Nickel & Aluminium
The BoJ move also lifted bond yields across the world, generally a negative factor for gold as it increases the opportunity cost of holding non-interest bearing bullion. However, the impact of the dollar’s fall outweighed that factor. Meanwhile Holdings of SPDR Gold Trust fell 0.35 percent to 828.96 tonnes on Wednesday from Tuesday.
While from India, India’s gold imports surged 67 percent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, could support global prices, which are already near their highest levels in three months.
Now Market participants are focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts
gold trading range 1322$ sup hurdles 1344$ sustains abve can test 1358$
MCX Gold -
Gold on MCX settled up 0.58% at 29324 as the dollar tumbled to a six-week low versus the Japanese yen and slid against the euro, lifting assets priced in the US currency and offsetting a rise in global yields. The dollar fell as much as 1.2 percent against the yen after the Bank of Japan’s move to trim its long-dated government bond purchases earlier this week, putting the US currency on track for its biggest two-day drop in nearly eight months.The BoJ move also lifted bond yields across the world, generally a negative factor for gold as it increases the opportunity cost of holding non-interest bearing bullion. However, the impact of the dollar’s fall outweighed that factor. Meanwhile Holdings of SPDR Gold Trust fell 0.35 percent to 828.96 tonnes on Wednesday from Tuesday.
While from India, India’s gold imports surged 67 percent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, could support global prices, which are already near their highest levels in three months.
Now Market participants are focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts
gold trading range 1322$ sup hurdles 1344$ sustains abve can test 1358$
