yesterday settled up by 0.09% at 47778 as the dollar fell to its lowest in more than two months, while the benchmark
U.S. 10-year Treasury yields
face their first weekly dip in four. Federal Reserve policymakers signaled they will start raising U.S. interest rates in March to fight inflation. Fed Governor Lael Brainard became the latest official to signal the central bank will start raising interest rates in March to battle inflation. U.S. retail sales dropped by the most in 10 months in December, weighed down by shortages and spiraling COVID-19 infections, which could temper expectations that economic growth accelerated sharply in the fourth quarter.
Physical gold buying faltered in India as prices climbed and rising coronavirus cases prompted consumers to postpone purchases, while demand in top consumer China stabilized as Lunar New Year festivities approached. Dealers charged premiums of up to $0.5 an ounce over official domestic prices down from last week's $1 premiums. In China, premiums widened to about $4-$5 an ounce versus benchmark spot gold rates, from $3.5-$5 last week. In China, the level of premiums suggests interest is firm but not exceptional heading into the Lunar New Year, which comes at the tail end of a cluster of seasonal festive physical buying.
Technically market is under short covering as the market has witnessed a drop in open interest by -4.5% to settled at 6044 while prices up 42 rupees, now Gold is getting support at 47691 and below same could see a test of 47605 levels, and resistance is now likely to be seen at 47928, a move above could see prices testing 48079.
# Gold trading range for the day is 47605-48079.
# Gold gained as the dollar fell to its lowest in more than two months and the benchmark U.S. 10-year Treasury yields dipped.
# Fed Governor Brainard became the latest official to signal the central bank will start raising interest rates in March to battle inflation.
# Federal Reserve policymakers signaled they will start raising U.S. interest rates in March to fight inflation.
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