CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 19 SEPTEMBER 2019
Precious Metals Preview: Gold Stays Slippery After Fed Cuts Rates
COMEX Gold futures slipped after
the US Fed announced it would cut the benchmark federal funds rate 25 basis
points to a range of 1.75% to 2%, but said in an accompanying statement that
sustained expansion of economic activity, strong labor market conditions, and
inflation near the Committee's symmetric 2% objective are the most likely
outcomes. The Fed also released a survey of Fed Board members and regional Fed
bank presidents, which showed that the median respondent believes the Fed funds
rate, would be at present levels through the end of 2020. Continued profit selling
has been seen in the metal as weak retail demand in India weighs on the
sentiments. The metal currently trades at $1501 per ounce, down 0.93% on the
day. The overall range has been pretty tight this week with the metal testing
around one week low. MCX Gold futures closed at Rs 37870 per 10 grams, down
0.38% on the day after breaking under Rs 38K levels. Retail buying is very thin
though the market is now eyeing the upcoming festive season to see if the
current lull in demand gives way to some recovery in off takes.
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