• Home »
  • »
  • MTECHTIPS:-Sharp Spurt In MCX Gold After Conquering 25K Mark

MTECHTIPS:-Sharp Spurt In MCX Gold After Conquering 25K Mark

MTECHTIPS:-Sharp Spurt In MCX Gold After Conquering 25K Mark

Weakness in Indian Rupee and the latest spurt in COMEX Gold are supporting local gold futures today. Global equities shuddered after China’s central bank devalued the yuan by nearly 2%, allowing the currency to fall to levels last seen in 2012, in an effort to make the country’s exports more competitive and boost the economy amid lackluster growth. This measure has caught the market men off guard as a slowing Chinese economy can have drag the global growth rates lower in coming quarters. However, gold has been rallying following these cues, extending its break above $1100 per ounce. Gold soared near $1120 per oun ceto day. Gold stayed under pressure last week but witnessed sustained support around five and half year lows amid strong US gold coins demand and bargain buying. Traders are also be coming wary of the global miners responding with production cuts if gold falls further from hereon. Stanley Fischer, the vice chairman of the US central bank stated yesterday that the US Federal Reserve is concerned about low inflation and won’t move before it seesinflation returning to more normal levels. This boosted gold, keeping a tab on the US dollar. COMEX Gold is currently trading at $1109 per ounce, up 0.44% on the day as the stocks in Europe stay in deep red. MCX Gold futures are trading at Rs 25385 per 10 grams,up 1.05% on the day after hitting a high of Rs 25529 per 10 grams. The INR dropped towardsits two month low near 64.30 per US dollar, keeping MCX Gold well supported.

www.mtechtips.com
07489294118-119