CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 08 August 2019
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COMEX Gold futures eased in Asia after soaring to fresh seven year highs as sentiments remained cautious in world markets and global bond yields slipped sharply. US 10 year treasury yields slumped near to 1.60% - near three year low. Global yields turned lower as central banks are initiating aggressive interest rate cuts. New Zealand's central bank reduced its key rate by 50 basis points to 1% while Thailand's central bank cut its key interest rate by a quarter point as well. The Monetary Policy Committee (MPC) of the RBI decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75% to 5.40% with immediate effect. COMEX Gold broke above $1500 per ounce amid the slide in US treasury yield and hit a high of $1520 per ounce. The metal currently trades at $1512 per ounce, down 0.50% on the day. MCX Gold futures hit a fresh high of Rs 38488 per 10 grams and closed at Rs 38207 per 10 grams, up 1.89% on the day. The metal could ease further today as Bitcoin values are up 3% at $12030. Equities are mostly up in Asia as well.
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