The dollar is close to the lowest level of a month. On the other hand, India’s August gold imports almost doubled. The gold price rose on Monday and is close to a 2 and a half month summit after the US employment data, which caused disappointment, may expect a little further to reduce the incentive measures of the US Federal Bank (FED). Meanwhile, analysts also draw attention to the levels that need to be followed.
Ig Market Analyst: Gold price is supported by Fed and weak US dollar
Ones Gold is traded for $ 1,824 during writing and opened the week slightly below $ 1,830. However, prices in the previous session have reached $ 1,833,80, the highest level since June 16. Ig Market Analyst Kyle Rodda, gold; He said that the FED was supported by the idea that it would reduce bond purchase more slowly than before and that it is supported by the weak US dollar.
Kriptokoin.comAs we have reported, the US Department of Labor on Friday showed that USA Payment Payrolls increased well below 728,000 expectations of economists last month with an increase of 235,000 jobs. FED President Jerome Powell implied last month that strong employment recovery was a prerequisite for the Central Bank to start to cut asset procurement. While some investors see gold as a protection against inflation that can follow incentive measures, lower interest rates reduce the opportunity cost of keeping the ingredients without returns.
Oanda Analyst: The resistance zone between $ 1,830-1.834 may not be overcome
Oanda Asia Pacific Senior Market Analyst Jeffrey Halley said in a note that the data could see a modest rally that never threatens the main resistance zone between 1830,00 and $ 1834.00. “The price movement on Friday reinforces that the upward momentum of gold is reduced,” he added. The dollar index wandered near the one -month bottom level against its leading peers.
The European Central Bank will explain that later this week, it will disconnect emergency bond purchases from the next quarter. In the meantime, according to the information in Reuters, a government source, low prices, jewelers to increase the purchases for the feast season, India’s gold imports in August, almost twice a year ago, he said.