Gold hits near four-week low as dollar firms

goldmGold edged lower on Monday to touch a near four-week low as the dollar held firm, with the market waiting on comments from a top U.S. Federal Reserve official after last week’s soft economic data.
Spot gold fell 0.1 percent to $1,252.40 per ounce as of 0428 GMT. It hit a fresh low of $1,250.80 during the session, its lowest since May 24.

U.S. gold futures for August delivery fell 0.2 % to $1,254.20 an ounce.

Technically market is under fresh selling as market has witnessed gain in open interest by 2.47% to settled at 4679 while prices down -78 rupees, now Gold is getting support at 28643 and below same could see a test of 28597 level, And resistance is now likely to be seen at 28767, a move above could see prices testing 28845.

                           Trading Ideas
* Gold trading range for the day is 28597-28845.
* Gold prices dropped and ended the week with weakness in the wake of signals from the Federal Reserve for another increase to interest rates this year.
* Downbeat U.S. data, with construction for new houses down in May and a June drop in consumer sentiment, underpinned prices as well.
* Asia gold demand ticked up as global prices came off seven-month highs, while Indian buyers stayed on the sidelines waiting for further price drops.

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देश के शेयर बाजारों के शुरुआती कारोबार में सोमवार को मजबूती का रुख है। प्रमुख सूचकांक सेंसेक्स सुबह 9.32 बजे 176.13 अंकों की बढ़त के साथ 31,232.53 पर और निफ्टी भी लगभग इसी समय 47.30 अंकों की मजबूती के साथ 9,635.35 पर कारोबार करते देखे गए।  बम्बई स्टॉक एक्सचेंज (बीएसई) का 30 शेयरों पर आधारित संवेदी सूचकांक सेंसेक्स सुबह 112.58 अंकों की बढ़त के साथ 31,168.98 पर, जबकि नेशनल स्टॉक एक्सचेंज (एनएसई) का 50 शेयरों पर आधारित संवेदी सूचकांक निफ्टी 38.35 अंकों की बढ़त के |

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