Gold Bullion Update Report: CapitalVia Global
According to CapitalVia Global , Last week Gold futures were trading lower, but they were still holding the previous session's low.
October 12, 2021 / 12:24 PM IST
CapitalVia Global's report on Gold Bullion
The dollar was mostly higher, so gold prices consolidated. While the dollar was unable to gain ground against the Euro, it did break out against the yen, which helped to weigh on gold. The US bond market was closed for a partial holiday on Monday, so yields remained unchanged. Equities traded in tandem with commodities. The yellow metal's sideways price action is most likely a result of market uncertainty about the Federal Reserve's policy direction. The mixed jobs report released on Friday, which showed a softerthan-expected increase in the number of jobs created combined with higher-than-expected wage growth, has resulted in sideways price action.
MCX Gold is trading near 47036, Support is seen at 46700 - 46170, while resistance seen at 47500.
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