CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 13 SEPTEMBER 2019
Precious Metals Preview: Gold Flips Back After Surge, MCX Futures End Around Rs 37700 Mark
Gold saw a volatile activity
yesterday. The metal rose initially after the European Central Bank has
announced a new stimulus package, in an attempt to boost growth in the
Eurozone. The bank cut its deposit rate, charged on commercial bank deposits at
the ECB, by 10 basis points to a new all-time low of minus -0.5%. The ECB's
governing council has also decided to leave its benchmark interest rate at zero
percent. The ECB is also restarting its quantitative easing program and will
start buying Euro 20 billion of bonds each month from the start of November.
This pushed up the metal sharply as a recovery from one month low extended. The
commodity jumped above $1530 per ounce but flipped back and fell around two
percent in intraday moves on hopes of easing global trade war. The President
Donald Trump revealed that he is temporarily delaying raising tariffs on $250
billion worth of Chinese imports. Trump delayed raising the tariffs rate from
25% to 30% from October 1st to October 15th. Gold traders have also been
worried about the end-user demand in India given the surge in prices to
all-time highs recently. The counter currently trades at $ 1504 per ounce, down
0.18%on the day. MCX Gold futures failed to hold above Rs 38000 per 10 grams
amid these cues and closed at Rs 37726 per 10 grams, down 0.65% on the day.
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