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      Precious Metals Preview: Gold ends above Rs 28,000 mark on MCX

      MoM Team / Mumbai, May 12, 2017 10:33 AM IST

        Precious Metals Preview: Gold ends above Rs 28,000 mark on MCX

        Gold edged up from two month low amid bargain buying and strong Indian demand. Slight weakness in US dollar and a general wave of buying in commodities is also acting as a positive catalyst for the metal. COMEX Gold is quoting around $ 1,226 per ounce in Asia amid a mixed undertone in equities.

        Equities can fall further ahead of weekend, in turn offering some support to the yellow metal. MCX Gold futures ended flat ,closing just above Rs 28,000 per 10 grams mark yesterday.

        Further drop in Gold prices could be limited from hereon though as Indian demand remains firm. After hitting a seven-year low in 2016, Indian gold demand recovered in the January-March quarter with a 15 percent jump in volume terms from a year earlier — albeit aided by a favourable base — while demand for the precious metal dropped 18 percent globally, showed the latest data from the World Gold Council (WGC).

        The growth in Indian gold demand value is even more impressive — 18 percent in rupee and 19 percent in dollar terms.

        At the end of April, total holdings in gold-backed ETFs and similar products stood at 2,277.5t (73.2moz), 24.5t higher from March, World Gold Council noted yesterday.

        These holdings were valued at US$92.7bn, 3 percent higher than a month earlier. North American funds attracted the highest level of inflows in April: holdings increased 25.4t (+2 pecent) to 1,221.3t. European funds were marginally higher (+3.7t) to 946.2t. Asian funds lost 4.9t (-7 percent) to 62.8t, while funds in the other region added 0.4t to 47.3t.


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