Gold posted a modest gain of 0.04%, settling at 62466, as it found support from a weakening dollar and declining Treasury yields. Investors are closely watching the upcoming U.S. payroll data, which is expected to provide crucial insights into the Federal Reserve's future interest rate decisions. Signs of a cooling U.S. labour market emerged, with job openings hitting 2-1/2-year lows in October.
While the number of Americans applying for first-time unemployment benefits remained relatively unchanged, the U.S. Labor Department reported a marginal increase of 1,000 claims to 220,000 for the week ending Dec. 2. Continuing jobless claims, representing those already receiving benefits, decreased by 64,000 to 1.861 million during the week ending Nov. 25. In contrast, China's net gold imports via Hong Kong declined approximately 23% in October compared to the previous month, according to Hong Kong Census and Statistics Department data. Net imports into the world's leading gold consumer dropped from 34.757 metric tons in September to 26.793 metric tons in October.
From a technical standpoint, the gold market is witnessing short covering, as evidenced by a -1.91% drop in open interest, settling at 16339. Despite this, prices experienced an increase of 26 rupees. Support for gold is identified at 62215, with a potential test of 61960 levels if breached. On the upside, resistance is anticipated at 62730, and a breakthrough could propel prices to test the 62990 level.
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