Read more about Gold import jumps to $6.3 bn in April due to surge in domestic demand on Business Standard. Gold import, which has a bearing on the country s current account deficit, zoomed to $6.3 billion for the month of April due to a surge in domestic demand, according to the Commerce Ministry data.
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Gold saw a sharp sell-off early this week before recovering over $20 to erase most of its loss. The fact that we are now witnessing gold solidly above $1800 expresses a strong change in market sentiment from neutral to bullish. Looking at the last few trading days, we can interpret that we are witnessing period of consolidation. Major resistance is at $1,855 and next fresh leg of upmove will only come above that level. China has just reported its producer prices climbed at the fastest pace in 3.5 years in April, reflecting a big rise in input costs. Besides, major economies are witnessing higher inflation due to higher raw material cost, lumber, steel, copper and other base metals. Gold market is yet to rally on this news and will regain its shine when inflation risk resurfaces. Any level between Rs.45000- Rs.46000 is ideal for investing in physical gold. If prices gets lower around Rs.46650 during Akshaya Trithya 2021, we would recommend investors to buy. We expect gold prices to