Market Update

Market Watch

Tuesday, 20 May 2014

MCX Tips Live: Asian Gold Demand Falls

Gold demand in major consumers- China and India, fell in the first quarter from the previous year's record levels, the World Gold Council said on Tuesday, though a drop in sales from bullion-backed investment funds kept overall demand steady.

Indian consumer demand was down by just over a quarter to 190.3 tonnes, with gold jewellery consumption dropping 9 percent and coin and bar buying down 54 percent.

Gold held below $1,300 an ounce as a lack of major economic data and no significant developments in the Ukraine crisis kept investor interest muted. Spot gold was steady at $1,293.40 an ounce by 0313
GMT.
Today’s Trends for Gold:
GOLD (JUNE)
Trend: Consolidate | Strategy: Buy on dips
R1- 28450, R2- 28850| S1-27750, S2- 27350
Overall gold consumption in the first quarter held steady at 1,074.5 tonnes, however, as net outflows from bullion-backed exchange-traded funds (ETFs), which last year reached record levels, dried up.
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