CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 02 August 2019
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COMEX Gold hit seven year high above $1460 per ounce yesterday on escalating trade tensions and solid demand. The counter currently trades up 0.80% at $1443 per ounce. MCX Gold ended up 1.36% at Rs 35902 per 10 grams as weak Indian Rupee boosted the prices further. The metal could hit Rs 36000 mark today.
The global Gold demand was 1,123 tonnes (t) in Q2, up 8% y-o-y. H1 demand jumped to a three-year high of 2,181.7t, largely due to record-breaking central bank purchases, noted the World Gold Council (WGC) in its latest Gold Demand Trend update. Central bank buying and healthy ETF inflows were the driving forces behind gold demand throughout the first half of 2019. Growth in H1 jewellery demand was largely the product of a more positive environment for Indian consumers.
Shifts in bar and coin investments were very much price-related. As the gold price powered its way to multi-year highs, profit-taking kicked in and retail investment all but dried up. The technology sector reduced its usage of gold due to challenging global conditions, although the outlook is for this element of demand to establish something of a floor over coming quarters. Solid growth in both mine production and recycling fed into a 2% increase in total H1 gold supply.
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