Technical Analysis:
Gold is trading near all time high and price might reach for all time highs around 2531 and if price faces any resistance of gives us MSS on smaller time frame we can look for selling and again target liquidity residing below.
Fundamentals:
Gold discounts in India widened this week to their highest in six weeks as a price rebound dampened purchases, while new import quotas failed to lift Chinese demand.
In India, the world's second-largest gold consumer, domestic prices (MAUc1) were ruling around 71,900 rupees per 10 gram on Friday, after hitting a four-month low of 67,400 rupees on July 25.
"Jewellers were quite active in the market when prices were below 70,000 rupees. They made good purchases after the government cut import duty. Now, they are on the sidelines," said a Mumbai-based dealer with a private bullion importing bank.
Indian dealers offered a discount (XAU-IN-PREM) of up to $8 an ounce over official domestic prices, – inclusive of 6% import and 3% sales levies, up from last week's $6 discount.
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