CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 23 SEPTEMBER 2019
Precious Metals Preview: MCX Gold Off Five-Week Low
COMEX Gold managed to extend its recent up move after
breaking above $1500 per ounce on global growth concerns. The global economy has
become increasingly fragile and uncertain, with growth slowing and downside
risks continuing to mount, according to the OECD's latest Interim Economic
Outlook. OECD noted that global outlook has become increasingly fragile and
uncertain. Global growth is projected to slow to 2.9% in 2019 and 3% in 2020.
These would be the weakest annual growth rates since the financial crisis, with
downside risks continuing to mount. The commodity closed at $1524 per ounce, up
1.20% on the day.
However, the MCX Gold futures slipped as a firm undertone in
Indian Rupee weighed on the mood even as the global prices stayed steady. MCX
Gold extended losses and fell to a five-week low of Rs 37438 per 10 grams in
intraday moves. The counter closed at Rs 37730 per 10 grams, almost unchanged
on the day. Indian Rupee rose following the massive surge in local stocks. INR
closed at 70.94 per US dollar, adding 40 basis points on the day following more
than 5% jump in local equity indices.
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