MTECHTIPS;-Gold Sees Choppy Moves, Indian Demand Supports

MTECHTIPS;-Gold Sees Choppy Moves, Indian Demand Supports

MTECHTIPS- Gold stayed supported yesterday though overall undertone in the metal is mixed after the recent drop from highs around $1300 per ounce. US stocks slipped after gaining impressively in the previous session. US President Donald Trump pledged to a crowd of supporters that he would build the controversial wall on the border with Mexico even if it meant shutting down the government. This kept Gold afloat though the metal eased a little in Asian trades, quoting at $1293 per ounce, down 0.10% on the day. MCX Gold futures hit a high above Rs 29200 per 10 grams and ended around Rs 29170 per 10 grams, up 0.20% on the day. On the economic front yesterday, new home sales in the US unexpectedly saw a substantial decrease in the month of July, according to a report released by the Commerce Department. The report said new home sales plunged by 9.4% to an annual rate of 571,000 in July from the revised June rate of 630,000. Eurozone private sector retained its solid growth momentum in August, led by manufacturing that expanded at the fastest pace in over six years on the back of strong demand for exports. The flash Composite Output Index of the Purchasing Managers’ survey climbed to a two-month high of 55.8 from July’s 55.7, study results from IHS Markit showed. Indian buying has proven an extremely supportive factor for Gold in its latest ascent. India’s gold imports more than doubled to $13.35 billion during the April-July period of the current fiscal, according to the data of the commerce ministry. Gold imports stood at $4.97 billion in April-July 2016-17. In July this year, imports of the precious metal rose to $2.10 billion from $1.07 billion in the same month of the previous year

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119