Gold Silver Reports – Gold MCX No Buying At All Sell on Rise Support Key 30338 — Technically Gold market is under long liquidation as market has witnessed drop in open interest by -5.83% to settled at 7370 while prices down 210 rupees.
MCX Gold is getting support key 30338 and below same could see a test of 30065 levels and resistance key is now likely to be seen at 30844, a move above could see prices testing 31030.
Gold on MCX settled down -0.68% at 30532 as the dollar remained strong on rising treasury yields, while investors awaited the minutes of the U.S. Federal Reserve’s last policy meeting for cues on the pace of interest rate hikes this year.
The dollar continued its rebound from three-year lows as investors shrugged off worries about the U.S. budget deficit and focused on large U.S. government debt auctions this week. The Fed will release the minutes of its Jan. 30-31 policy meeting on Wednesday.
The meeting was held during last month’s drop in equity markets and investors are interested in its response to the market gyrations as well as the rate outlook. Treasury yields rose overnight with the benchmark 10-year yield crawling back to near a four-year peak as investors made room for this week’s $258 billion deluge of new government debt.
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The U.S. Treasury Department on Tuesday sold record amounts of three-month and six-month bills at the highest interest rates for these maturities at auctions in more than nine years, Treasury data showed. Russia’s gold reserves stood at 59.7 million troy ounces as of the start of February, the central bank said.
Russia raised gold holdings by 18.911 tonnes to 1,857.73 tonnes in Jan. 2018, according to IMF data. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.39 percent to 827.79 tonnes on Tuesday from 824.54 tonnes on Friday. – Goldman Neal Bhai Reports INDIA
