Gold stabilizes as growth falters; major central banks to halt rate hikes.

Gold yesterday settled down by –0.01 % at 58811 as growth falters, speculation is rife that big central banks would soon stop raising interest rates. The U.S. Labor Department said that weekly jobless claims fell by 10,000 to 230,000, down from the previous week’s revised estimate of 240,000 claims. The latest labour market data was better than expected. 

China’s net imports via Hong Kong fell by about 26% in July from the previous month, Hong Kong Census and Statistics Department data showed. Net imports into the world’s top gold consumer stood at 25.769 metric tons in July, compared with 34.648 tons in June, the data showed. Total gold imports via Hong Kong were down 21% at 30.239 tons. U.S. factory goods were down 5.2% in July versus the expected decrease of 4%, and following a downwardly revised 4.4% increase in June. This was the first month of decline for durable goods after four months in a row of positive gains. The monthly decrease in durable goods orders was $15.5 billion and was driven by a 14.3% decrease in transportation equipment, which was also down after four months of positive prints, the U.S. Census Bureau said in the report. 

Technically market is under long liquidation as the market has witnessed a drop in open interest by -0.18% to settle at 12486 while prices are down -8 rupees, now Gold is getting support at 58685 and below the same could see a test of 58555 levels, and resistance is now likely to be seen at 58920, a move above could see prices