CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :16 OCTOBER 2019
Precious Metals Preview: Gold Pulls Back, COMEX Futures Hover Just Under $1490 Mark
COMEX Gold futures fell yesterday. The metal had seen some safe-haven buying on Turkey's incursion into Syria but supportive undertone in equities capped the up move for the metal. COMEX Gold futures are currently trading at $1487 per ounce, up 0.20% on the day. MCX Gold futures closed at Rs 38045 per 10 grams, down 0.47% on the day amid heavy losses in Indian Rupee. Indian Rupee extended a drop as a recent string of poor economic releases hurt the currency. INR closed at 71.54 per US dollar, down 31 paise on the day. INR has lost heavily in the last few days even as local equities witnessed steady buying. INR tested 71.57 per US dollar in intraday moves today- its lowest level in nearly the last month. The US stocks jumped with DOW soaring around 1% on the day on strong earnings. Gold is expected to see buying at a lower level on tepid global economic growth as the International Monetary Fund (IMF) cut the growth forecast for this year to 3% from 3.3% projected in April, in its latest World Economic Outlook yesterday. This will be the lowest since the 2008-09 global financial crises.
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