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.

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.

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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.

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

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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

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