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MTECHTIPS:-MCX Gold In Red As INR Extends Gains

MTECHTIPS:-MCX Gold In Red As INR Extends Gains

Modest gains in the Indian Rupee capped MCX Gold futures today. COMEX Gold continues edged up in European session as heavy losses in stocks supported the yellow metal even as the broad demand worries stayed in place and traders eyed the upside break above $1090 per ounce with nervousness. The US dollar eased swiftly and helped Gold launch an amazing-turnaround from its five and half year lows near $1080 per ounce on Friday. Excellent-performance by US gold coins sales, which have jumped nearly 40% in first seven months this year is putting some floor under the beleaguered metal. The commodity is quoting at$1093 per ounce right now, up 0.23% on the day. MCX Gold futures for October are trading at Rs 24846 per 10 grams, down 0.24% on the day as the INR gained 0.70% to 63.75 per US dollar, extending its recent break under 64 per US dollar mark. COMEX Gold stayed under stress 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. A rate hike from theFed can boost the US dollar further, keeping in check commodities like gold.

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