Precious Metal: India's yellow metal imports in October fell for the third time in the year, dipping a fourth straight month as near record-high prices diminished festive purchasing in the world's second-largest buyer of the yellow metal, a government source said on Monday.
Lesser imports by the South Asian country could cap advances in global rates that are trading near their uppermost level in more than six years, and may also help government get down its trade deficit and support the rupee. India fills almost all of its gold demand through imports. India imported 38 tonnes of gold in October, down 33% from 57 tonnes a year earlier. In significance terms, the October imports were at $1.84 billion, up 4.5% from $1.76 billion last year. Upper gold rates severely affected retail consumptions during the Diwali and Dussehra festivals, said Surendra Mehta, secretary of the India Bullion and Jewellers Association.
Yellow metal is currently trading at 38303 against open 38369 slightly lower than it’s opening price. Today it traded in very thin line. We are holding on our earlier resistance level which is at 38610-20 levels on the upper side and lower side it can fall to 38030 level in the down side. Currently RSI & MACD is around 39.73 & 13.47 level respectively.