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MTECHTIPS:-COMEX Gold Fails To Break Above $1100, Dollar Slightly Weak

MTECHTIPS:-COMEX Gold Fails To Break Above $1100, Dollar Slightly Weak

COMEX Gold yet again failed to break above $1100 per ounce today but remained supportedafter recording modest gains in the last session. Gold stayed under pressure last week but-witnessed sustained support around five and half year lows amid strong US gold coinsdemand and bargain buying. Traders are also becoming wary of the global miners res pon dingwith production cuts if gold falls further from hereon. Gold stayed little changed after astrong US nonfarm payrolls data made it almost certain that the US Fed would hike theinterest rates from record lows next month, marking its first such hike in nearly adecade. The US added 215,000 nonfarm jobs- a sound performance that indicated that the labour markets remain on track. The nation’s unemployment rate was also unchanged at 5.3%- its lowest level in seven years. The US dollar has weakened a little after the data an dis currently holding around 1.1000 mark against the Euro. Gold edged up towards $1100 pounce and eased a bit, currently quoting at $1094 per ounce, almost unchanged on the day.MCX Gold futures are trading at Rs 24899 per 10 grams, unaltered on the day after hittinghighs near Rs 30K earlier in the session. Barrick Gold Crop, the gold mining major reported that its adjusted second-quarter netearnings were $60 million compared to $159 million in the same period a year ago. Fallinggold prices are taking a severe toll on the earnings of the major mining com panies.Barrick had a net loss for the quarter of $9 million compared to a net loss of $269 million, in the prior-year quarter. For the quarter ending June 30, Barrick received anaverage gold price of $1,190 an ounce, down from $1,289 in the same period a year ago.Gold production in the quarter fell to 1.45 million ounces from 1.49 million ounces, whileall-in sustaining costs came in at $895 an ounce, up from $865 a year earlier.

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