Bond yields and a weaker US dollar helped to push up gold prices

Gold had a 0.24% increase, ultimately closing at 62301, as bond yields and the US dollar declined. In order to get insight into prospective interest rate adjustments, investors eagerly await a significant inflation data and remarks from Federal Reserve officials.

This week, there are ten lectures by Fed members slated to take place. China’s net imports of gold through Hong Kong increased by 51% in January to 76.248 metric tons from 50.381 tons in December. The world’s largest gold consumer, Hong Kong, had a 37% increase in total gold imports to 81.967 tons, indicating robust demand.

Technically, short covering is taking place in the gold market as shown by the 0.28% decrease in open interest that led to a settlement price of 12996 rupees and the 152 rupee price gain. Support for gold is at 62195; a breach there might test 62085. Resistance is seen at 62400; a rise above there could test 62495. Traders should keep a close eye on these variables in case mood and price patterns change.

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