Gold- closed in red for the second straight week
Gold: closed in red for the second straight week By Jigar Trivedi Gold weakened past $1,860 an ounce on Friday and set to decline for the second straight week, weighed down by hawkish signals from Federal Reserve officials who reiterated their commitment to bring down inflation with more rate increases. Those developments came on the heels of stronger-than-expected US jobs numbers which could fuel consumer spending that would maintain upward pressure on inflation. MCX Gold April has a strong support near Rs. 56,000 and 55,400 per 10 gram. On flip side a strong resistance is seen near Rs. 57,500 per 10 gram. Outlook is positive however, the focus will be on the US inflation numbers hence expect a volatile session. (Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities. Views expressed are author’s own.).jpg)
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