Gold hits near four-week low as dollar firms
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.
* 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.