Gold Trading Higher In Asia Tuesday
$GLD
Gold prices traded lower by 0.13% Vs the USD in the 24 hr frame ending 23:00 GMT, at 1093.80 oz.
Losses in Gold prices were capped, as the Buck weakened against its peers coupled with a fall in the global equity markets, led by a sharp sell-off on the Shanghai stock exchange.
Gold holdings in the SPDR Gold Trust (NYSEArca:GLD) decreased to 680.15 tonnes, from its prior close of 684.63 tonnes.
In the Asian session, at GMT 0300, the pair is trading at 1095.00, with Gold trading 0.11% higher from Monday’s close.
The pair is expected to see 1st support at 1087.03, a break there could drive it to the next support mark at 1079.06.
The pair is expected to find its 1st resistance at 1103.93, a break there could drive it through the resistance mark at 1112.86.
The precious Yellow metal is showing convergence with its 20 Hr MA, and trading above its 50 Hr MA.
Direction: Northside (bounce) correction
India, the world’s 2nd-biggest Gold buyer after China, imposed the import restrictions last year to avert a trade deficit crisis that pushed the Rupee to record lows.
“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.
Support for Spot Gold comes from jewelry demand from India in the lead up to and during the wedding season, which started in late September. India did record a 176% increase in Gold imports in August to US$2-B from about US$756-M.
Overall, the impact of wedding season Spot Gold buying has faded in recent times as India is no longer the world’s largest Gold consumer, partly because of the on-going government import restrictions on precious metals. If they are further relaxed, perhaps India will regain its Top spot.
India’s Akshaya Tritiya festival considered by India’s more than 900-M Hindus as an auspicious day to buy Gold and Silver, fell on 21 April this year. Bullion is bought in India during festivals and marriages as part of the bridal trousseau or gifted in the form of jewelry by relatives.
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Paul Ebeling
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