CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 06 SEPTEMBER 2019


Precious Metals Preview: MCX Gold Plunges Under Rs 39K

COMEX Gold eased further as a slide from seven-year highs above $1560 per ounce extended. Equities rose on sustained improvement in risk appetite. The United States and China have agreed to hold trade talks in Washington early next month. With the leading indices in Asia and Europe showing promising up move, Gold dragged lower. Selling extended as the DOW added to latest gains and ended up 1.4%. This pulled COMEX Gold lower by around 2% and the metal currently trades flat at $1525 per ounce. MCX Gold futures had soared near Rs 40000 per 10 grams this week but are down now as traders are worried about lack of demand in local retail markets. The counter closed at Rs 38900 per 10 grams, down more than 2% on the day, easing further on the strength in Indian Rupee. The Rupee continued to gain amid weakness in US dollar overseas. INR closed at 71.87, up 28 paise against US dollar today.


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