Precious metals inched higher, with little to drive prices in the wake of Friday's US non-farm payroll release. Today the metal has fluctuated in a range of just under $13.
According to experts, stronger-than-expected US employment
numbers for June helped to maintain the unfriendly atmosphere towards
gold. This brings closer the reduction in bond purchases by the US
Federal Reserve.
"Gold is looking vulnerable to the downside after Friday’s
close below the $1,224 support level," experts said, pegging support at
$1,157, the July 2010 low, and $1,156, the 62% retracement of the
October 2008-September 2011 bull trade.
Analysts have also said that while there may be some
continued support from the physical market, demand from major consumer
India remains weak. According to a Reuters report, quoting an unnamed
government source, June imports into the country declined by more than
80% over the previous month.
Gold imports into India were particularly hard hit in June
after the government there imposed higher import duties on the metal,
seen as a drain on valuable foreign currency reserves.
India has a current account deficit of about 4.8% of gross domestic
product in the fiscal year that ended in March, blamed at least
partially on the country's heavy appetite for gold.
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