CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 16 SEPTEMBER 2019
Precious Metals Preview: Weak Indian Imports Can Weigh On Gold
COMEX Gold futures saw a bearish movement last week as
demand was thin following a recent surge to near seven-year highs. Rising global
risk appetite and some solace on the US-China trade front capped gains for the
metal. A slide in global crude oil prices also weighed. The metal tested one
week low near $1492 per ounce and ended just under $1500 per ounce levels.
India's Gold imports stayed slippery following the surge in local prices to
all-time highs. The country imported gold worth Rs 9711 crore in August 2019,
down 62% compared to August 2018. Gold imports had fallen sharply by 42% to Rs
11787 crore in July 2019. COMEX Gold futures are likely to see some buying
ahead of the US Fed's monetary policy meeting to be held next week. The central
bank is widely expected to cut US interest rates by 25 basis points on
September 18th, 2019.
European Central Bank (ECB) has announced a new stimulus
package, in an attempt to boost growth in the Eurozone. The bank cut its
deposit rate, charged on commercial bank deposits at the ECB, by 10 basis
points to a new all-time low of minus -0.5%. The ECB's governing council has
also decided to leave its benchmark interest rate at 0%. The ECB is also
restarting its quantitative easing program and will start buying Euro 20 billion
of bonds each month from the start of November.
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