CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 07 August 2019
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Precious Metals Preview: Gold Hits 1500 Per Ounce August 07,2019
COMEX Gold stayed supported after a ferocious run saw it hit seven year high just above 1500 per ounce. The metal currently trades at 1498 per ounce, up 1% on the day. Meanwhile, the MCX Gold futures recovered from lows near Rs 36900 per 10 grams and closed up 0.42% at Rs 37500 per 10 grams. There are some concerns over local Gold demand given the spurt in spot prices to all time high around Rs 36800 level. India's gold imports in July fell 55% from year ago to the lowest level in nearly three years. India imported around 39.66 tonnes of gold in July, down from 88.16 tonnes a year ago, media reports noted yesterday.
However, global demand has been broadly buoyant in recent months. The global Gold demand was 1,123t 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.
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