MARKET VIEW
Weekly changes: XAUUSD +1.06%
The price of gold rallied towards the 1,758 USD this week, marking the highest trading level for the yellow metal in about five weeks. Weakness in the U.S. dollar and the promise of continued quantitative easing from the Federal Reserve helped propel gold higher this week.
Gold has suffered its worst start to the year in over a decade and has been in a protracted downtrend since falling below its 200-day moving average in February. From a seasonal perspective, the month of April is not a strong one for gold. However, the promise of more quantitative easing and low rates in the United States helps drive the recovery so far this month.
KEY POINTS
India's gold imports in March surged 471% from a year earlier to a record 160 tonnes, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers.
Important levels: 1,715, 1,727, 1,745, and 1,759 USD.
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