CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 13 August 2019
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Precious Metals Preview: Gold Approaches 1530 Per Ounce In Asia
COMEX Gold jumped to fresh seven year highs amid continued jitters on global trade and broad economic worries. The economic outlook has deteriorated worldwide as the trade dispute between the United States and China escalates, a survey showed on Monday. Germany’s Ifo economic institute said its quarterly survey among nearly 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have both worsened in the third quarter.
The ifo World Economic Climate indicator fell from -2.4 to -10.1 points in the third quarter. Both the assessment of the current situation and expectations dropped significantly. The intensification of the trade conflict is having a considerable detrimental effect on the world economy. The experts expect significantly weaker growth in world trade. Trade expectations are at their lowest level since the outbreak of the trade conflict last year. Respondents also expect weaker private consumption, lower investment activity, and declining short- and long-term interest rates.
COMEX Gold pushed up near 1530 per ounce and currently trades at 1527 per ounce, up 0.60% on the day. MCX Gold closed up 0.67% at Rs 38246 per 10 grams after hitting a high near Rs 38350 mark.
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