GOLD MARKET NEWS UPDATE BY MARKET MAGNIFY

goldkGold trading range for the day is 28425-28649. Gold prices climbed on Thursday as an easing U.S. dollar flattened U.S. Treasury yields to their lowest in nearly a decade.

          FUNDAMENTALS

Spot gold  had risen 0.5 percent to $1,251.91 per ounce at 0120 GMT. It rose 0.3 percent in the previous session, its largest intra-day percentage change since June 6.

U.S. gold futures  for August delivery gained 0.6 percent to $1,253.10 per ounce.

The U.S. Treasury yield curve flattened to almost 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating. [US/]

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.04 percent to 853.98 tonnes on Wednesday from 853.68 tonnes on Tuesday.

Technically market is getting support at 28475 and below same could see a test of 28425 level, And resistance is now likely to be seen at 28587, a move above could see prices testing 28649.

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