MTECHTIPS;-Gold Eases Near $1270 On COMEX

MTECHTIPS;-Gold Eases Near $1270 On COMEX

MTECHTIPS-Gold futures eased after hitting around two month highs. Global economic data flow remains strong. The metal is down around half a percent in Asia today amid a mostly stable undertone in equities. The commodity is quoting around 1272 per ounce right now. MCX Gold futures are likely to see a weak opening following the global cues. The local futures ended around Rs 28400 per 10 grams yesterday. Activity in the US manufacturing sector saw continued growth in the month of July, according to a report released by the Institute for Supply Management on Tuesday, although the pace growth slowed. The ISM said its purchasing managers index dropped to 56.3 in July from 57.8 in June, with a reading above 50 indicating growth in the manufacturing sector. The decrease by the headline index came amid a slowdown in the pace of growth in new orders, as the new orders index fell to 60.4 in July from 63.5 in June. Eurozone expanded at a faster pace in the second quarter as economic activity gained further momentum. Gross domestic product grew 0.6 percent sequentially, faster than the revised 0.5% increase seen in the first quarter, preliminary flash estimates from Eurostat showed Tuesday. China’s manufacturing activity growth accelerated in July as output and new orders expanded at the fastest rates in five months, survey data from IHS Markit showed Tuesday. The Caixin manufacturing Purchasing Managers’ Index rose unexpectedly to 51.1 in July from 50.4 in June.

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