Gold Bullion Report: CapitalVia Global

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CapitalVia Global’s report on Gold Bullion

Last week Gold futures were trading lower, but they were still holding the previous session’s low. After an unexpected boost in US retail sales raised anticipation that the Fed will reduce its stimulus sooner, the market tumbled nearly 3% to its lowest level since August 12, causing Treasury yields to rise and the US Dollar to gain. The 10-year Treasury note yield reached its highest level since July 14. Any increase in returns raises the opportunity cost of owning non-yielding assets such as bullion. Furthermore, a rising US dollar will raise the price of gold for customers holding foreign currencies.

Outlook

MCX Gold is trading near 46300, Support is seen at 45800 – 45500, while resistance seen at 46470 – 46700.

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