CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 01 August 2019
Precious Metals Preview: Gold Tumbles Near $1410 Per Ounce On Fed Outlook.
COMEX Gold futures fell sharply yesterday as the US Fed did not give a clear indication about the course of monetary action in near term. The Fed reduced interest rates by quarter point, as expected, but Fed Chief Jerome Powell signaled the rate cut is not the start of a trend. The Fed said it decided to lower the target range for the federal funds rate to 2 to 2.25%, down 25 basis points, marking the first rate cut by the Fed since December of 2008. Gold has given up nearly 25 dollars from its one week high following this move and currently lingers around $1410 per ounce. Uncertain global trade talks, weak economic outlook and struggling equities are likely to provide some support to the metal after the latest slide. MCX Gold futures ended flat at Rs 35420 per 10 grams in last session and are set to open on negative note following the correction in global prices.
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