Weekly Price Performance
Spot gold gained marginally around 0.1 percent in the last week on the back of statement from Federal Reserve nominee Janet Yellen that stimulus measures to be maintained until improvement seen in the US economy. Further, weakness in the DX supported an upside in prices.
Decline in SPDR gold holdings by 0.3 percent to 865.71 tonnes capped sharp gains in prices.
The yellow metal touched a weekly high of USD 1294/oz and closed at USD 1289.70/oz in last trading session of the week.
The near-month MCX gold contract increased more than 2 percent in prior week due to Rupee depreciation and closed at Rs.30332/10 gms on Friday after touching a weekly high of Rs.30499/10 gms.
Year-to-date Price Performance
While gold prices in dollar terms are down by around 23 percent over the year, on the other hand, MCX gold prices are down by just around 2 percent.
In the Indian markets, over the year Rupee depreciation has acted as a catalyst restricting sharp fall in prices.
SPDR Gold Holdings
Holdings in the SPDR Gold Trust declined by 2.71 tonnes to 865.71 tonnes on 15th November'13, falling by around 0.3 percent in the last week.
On a year-to-date basis, holdings have slipped sharply by 484.21 tonnes, making a drop of 36 percent.
Central banks continue gold buying - IMF
Data by the IMF (International Monetary Fund) showed that central banks were continuing to add gold to their reserves
Turkey had bought 22.5 tonnes of gold in July'13 and Russia's gold holdings touched 1000 tonnes
Norms for gold imports into India eased
Strict restrictions and measures by the RBI have caused a situation of concern in the domestic bullion market as news indicate a halt in gold imports in India since 22nd July'13
Indian gold imports have been linked with the exports and 20 percent of an imported consignment is expected to be exclusively made available for exporters only
Hence, jewelers are managing with the previously held stocks and due this premiums on gold are rising.
Outlook
Over the week, gold prices are likely to trade higher on the back of statement from Federal Reserve nominee Janet Yellen to continue with easy monetary policy until US economy improves.
Further, upbeat market sentiments coupled with weakness in the DX will support an upside in prices.
However, sharp upside will be capped as a result of declining trend in SPDR gold holdings.
In the Indian markets, Rupee appreciation is expected to prevent sharp positive movement in prices.
Weekly Technical Levels
Spot Gold : Support USD 1280/USD 1267 Resistance USD 1301/USD 1314. (CMP: USD 1290)
Buy MCX Gold December between 30,200-30,150, SL-30,000, Target -30,600. (CMP: Rs.30332)
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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