Forex. Gold trading forecast for today, April 13
Gold is trading just below the $1730 an ounce resistance.
The precious metals market steadied as investors weighed signs of an economic recovery on the back of better-than-expected US employment data and the fallout from President Joe Biden's plans. Market participants are still watching the debate over Biden's $2 trillion-plus proposal unfold, as Republicans express cautious support for a more limited plan.
Meanwhile, Gold posted its first quarterly drop since 2018 on the back of rising bond yields and optimism about the global economic recovery after the pandemic. Investor sentiment towards the precious metal has declined – with bullion-backed exchange-traded funds falling to their lowest level since May, and hedge fund managers cutting net Gold purchases to a three-week low.
At the same time, India imported a record 321 tons in March, compared with 124 tons of gold a year ago. An increase in supplies for the world's second-largest consumer of the precious metal could support prices, which have adjusted nearly 17% since a historic high of $2072 an ounce in August 2020. The country's gold imports rose 471% in March from 2020, as lower import taxes and a price correction from record levels attracted retail buyers and jewelers. India's precious metal shipments could fall below 100 tonnes in April as jewelers fear the government could impose a quarantine to stop the rise in new diseases.
In the forecast, I expect the price of gold to rise to $1750 per troy ounce.