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ShreeMetalPrices: Gold price rises by Rs 230 to Rs 60,860, US Economy & Inflation Data on Focus


The United States nonfarm payrolls report that allayed recession fears. As a result of a stronger-than-expected Data, Gold Price Today rose by 0.38% to settle at 60860. While earnings increased the most in nine months. The United States economics added 253K jobs in April, exceeding market projections of 180K.

According to the World Gold Council. Indian demand for gold dropped 17% in the March quarter to its lowest levels in 10 quarters and is expect to stay low even in the June & September quarters due to record-high prices.

With bullion trading close to all-time highs, the second-largest gold consumer in the world’s decreased purchases could prevent a surge in prices worldwide.

Due to a rise in local prices, demand for the March quarter decreased to 112.5 tonnes for both jewellery and investments.

According to the World Gold Council, the first 3 months of 2023 saw a decline in global gold demand as big purchases by central banks & Chinese consumers were countered by lower investor demand.

According to the WGC’s most recent quarterly demand trends report, total demand came to 1,081 tonnes, a decrease of 13 percent from the first quarter of 2022.

Due to high prices deterring retail consumers, physical gold merchants in important Chinese trade hubs gave discount for the 1st time in additional almost a month.

Technically, the market is in long liquidation as evidenced by the market’s drop in open interest of -8.18% to close at 14400.

While price are down by -865 rupees. Currently, Gold is receiving support at 60043, and a move below that level could result in a test of the 59457 levels. A move above that level, however, could result in a test of the 62215 levels.