CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :14 OCTOBER 2019
Precious Metals Preview: Gold Tests Three Week Low
Gold continued to slip amid broad
selling pressure as worries over Indian demand weighed on the mood. The metal
broke under $1500 per ounce and tested a three week low near $1490 per ounce on
improvement in the US-China trade climate. The US President Donald Trump announced
that the two economic superpowers have reached a very substantial phase one
trade deal which includes up to $40 to $50 billion in Chinese purchases of US
agricultural products as well as Chinese concessions on intellectual property and
financial services. Meanwhile, the World Gold Council (WGC) said in the latest
update that holding in global, gold-backed exchange-traded products surpassed
its 2012 levels and hit an all-time high in September. The report said that ETF
holding increased by 75.2 tonnes in September to a total of 2,808. The slide in
global Gold prices also pulled MCX Gold futures lower. The benchmark MCX Gold
futures for December slipped after testing highs around Rs 38500 per 10 grams
and ended around Rs 37870 per 10 grams.
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