Gold prices update: prices dipped 0.33% to settle at ₹78,166, weighed down by robust U.S. jobs data and a stronger dollar, which tempered expectations of aggressive Federal Reserve rate cuts.

• U.S. Economic Data Impact: The nonfarm payrolls report revealed 256,000 new jobs in December, the highest since March, easing market expectations for 2024 rate cuts from 40 basis points to 25 basis points.
  
  
• Key Upcoming Indicators: The Fed’s monetary policy direction awaits further input from U.S. CPI, PPI, jobless claims, and retail sales data due this week.
  
  
• Physical Market Activity:
  
  
  • India: Gold discounts rose to $17/oz as domestic prices hit a monthly high, curbing demand.
    
    
  • China: Lunar New Year festivities spurred demand, with premiums ranging from $2 to $9/oz.
    
    
  • Other Markets: Premiums in Singapore, Hong Kong, and Japan reflected mixed demand, with ranges of $0-$2.50/oz.
    
    
• Central Bank Purchases: November saw a 53-tonne increase in reserves, led by Poland (21 tonnes) and India (8 tonnes). China resumed purchases, raising reserves to 73.29 million ounces.
  
  

Technical Overview:

• Support Levels: Immediate support is seen at ₹77,935, with a potential decline to ₹77,695.
  
  
• Resistance Levels: Key resistance stands at ₹78,590, with a breakout possibly reaching ₹79,005.
  
  
• Market Dynamics: Open interest fell 6.16% to 10,488 contracts, indicating long liquidation pressure.
  
  
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