CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :03 OCTOBER 2019
Precious Metals Preview: Impressive Rebound In Gold, COMEX Futures Back Above $1500 Level
A massive correction in global
equities is supporting Gold. COMEX Gold futures fell earlier this week as
recent losses are weighing on the sentiments amid a firm undertone in the US
dollar. COMEX Gold futures extended losses under $1500 per ounce and tested a
three month low of $1470 per ounce. However, the metal jumped sharply and is
looking supported now as risk appetite is disappearing on worries over the global
economy. The US equity indices fell to their lowest closing levels in over a
month yesterday. The US manufacturing purchasing managers’ index from the
Institute for Supply Management came in at 47.8% in September, the lowest since
June 2009, marking the second consecutive month of contraction. COMEX Gold is
back above $1500 per ounce and currently trades at $1505 per ounce, down 0.16%
on the day. MCX Gold futures closed at Rs 37915 per 10 grams in the last session,
up 1.60% on the day. Indian Rupee slipped further on heavy selling in local
stocks. INR closed down by 20 basis points to 71.07 per US dollar.
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