yesterday settled flat at 47421 buoyed by persistent inflation concerns, with further gains in bullion clipped by expectations that the Federal Reserve may hasten its monetary tightening to tame rising prices. A growing number of Fed policymakers indicated they would be open to speeding up the elimination of their bond-buying program if high inflation held and move more quickly to raise interest rates, minutes of the central bank's last policy meeting showed. In the wake of strong economic data from the U.S., including a sharp drop in weekly jobless claims, calls for a faster taper are expected to rise when the Fed meets next on Dec. 14-15.
China's net gold imports via Hong Kong jumped 56% in October from the previous month, Hong Kong Census and Statistics Department data showed. Net imports stood at 54.262 tonnes in October compared with 34.786 tonnes in September, the data showed. Total gold imports via Hong Kong rose to 57.804 tonnes from 41.877 tonnes. Gold imports from Switzerland to mainland China in October were also higher than in any month since June 2018, customs data showed. Premiums were charged on physical gold in China throughout October, a month that started with the country's Golden Week holiday.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -23.08% to settled at 3102 while prices down -17 rupees, now Gold is getting support at 47290 and below same could see a test of 47159 levels, and resistance is now likely to be seen at 47572, a move above could see prices testing 47723.
# Gold trading range for the day is 47159-47723.
# Gold steadies but Fed's hawkish stance limits advance
# A growing number of Fed policymakers indicated they would be open to speeding up the elimination of their bond-buying program if high inflation held
# Fed's inflation outlook was revised upward
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