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MTECHTIPS:-Gold Wavers Under $1100, MCX Silver Off Half A Percent

MTECHTIPS:-Gold Wavers Under $1100, MCX Silver Off Half A Percent

Gold futures managed to hold just under $1100 mark after a massive spurt on Friday. The US dollar eased swiftly and helped Gold launch an amazing turnaround from its five and half year lows near $1080 per ounce in the last session. Poor demand and lack of speculative buying had hit the metal before the latest reprieve. The commodity is quoting at $1095 per ounce right now, unchanged on the day amid a mostly downbeat outing in the Asian equities. MCX Gold futures for October ended above the key Rs 25000 per 10 grams in the last session, up nearly Rs 100 on the day. However, the counter has dropped under this mark today and currently quotes at Rs 24974 per 10 grams, down 0.14% on the day. MCX Silver futures are trading at Rs 33863 per kg, down around half a percent on the day. COMEX Gold stayed under stress earlier last week after the US real gross domestic-product increased at an annual rate of 2.3% in the second quarter compared to expectations for an increase of about 2.6%. Markets remained focused on a rate hike from the US Fed in September after the data as the US Commerce Department also revealed a notable upward revision to the data for the first quarter. The first quarter GDP rose by an upwardly revised 0.6% compared to the 0.2% contraction that had been reported. However, the meta swiftly rose on Friday and approached $1100 per ounce as the US Dollar has eased from one week high against the Euro and tested the 1.1100 mark. Weak physical demand in global markets is keeping the sentiments under check after alatest update from GFMS stated that Global physical gold demand was at its weakest since 2009. Global physical gold demand was at its weakest since 2009, down 14% year-on-year inthe second quarter as few markets report increases and Chinese buyers stayed away from gold, according to a GFMS Gold Survey 2015 Q2 Update and Outlook. The survey noted that some bright spots emerged for gold from German and Indian demand. The price direction inQ2 continued to be determined by sentiment towards US interest rates. China reports in creased gold holdings for first time in six years; an extra 604 tonnes is within our previous estimates for additional Official Sector purchases and no revisions have been made to GFMS data.

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