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MTECHTIPS:- Flat Moves In MCX Gold, Silver

MTECHTIPS:- Flat Moves In MCX Gold, Silver

Gold is witnessing dull moves today amid a mostly downbeat outing for the Asiaequities. Traders are focusing on a rate hike from the US Fed in next month and not much of a buying interest is emerging in risky assets. Gold is also acting like a risky assetright now and nervous moves in equities is not supporting the yellow metal. The counter isquoting at $1085 per ounce, down 0.06% on the day. MCX Gold futures for October arelingering around Rs 24700 per 10 grams, consolidating at the previous close only. MCX Silver futures for September are also witnessing flat moves and currently trade at Rs 33515 per kg, up 0.11% on the day.
Data out last night showed that US Institute for Supply Management’s services sector index rose to 60.3, its highest level since August 2005. These boosted views the Federal Reserve will raise rates in September, more than offsetting weaker-than-expected US private hiringfigures for July. Atlanta Fed chief Dennis Lockhart, a voting member at the US central bank’s policy committee, also said it would take significant deterioration in the USeconomy for him to not support a rate hike in September. The US equities were under pressure following this and Gold stayed under stress after breaking below $1090 per ounce mark in intraday moves. The US dollar index rose above 98 levels to strike its weightlessness in three and half months and continues to hover around the same mark today.
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