Gold MCX Tips Today – Buy Call Hit 50,700 To 50,982. Gold yesterday settled up by 0.11% at 50626 on optimism around an additional U.S. stimulus bill and a weakened dollar, despite gains in the stock markets after reports that U.S. President Donald Trump could soon be discharged from the hospital.
Optimism over fiscal stimulus in the world’s largest economy came into play after upbeat weekend comments from U.S. House Speaker Nancy Pelosi, who said progress was being made on relief legislation.
Meanwhile, reinforcing the economic damage from the coronavirus, data showed the euro zone’s economic recovery faltered in September. Purchasing managers’ surveys showed services activity, which accounts for around two-thirds of the bloc’s GDP, slammed into reverse after sister surveys last week suggested factories was enjoying something of a revival.
There was also a split between the currency union’s member countries. While Germany’s service industry barely grew in September, strong manufacturing helped the private sector in Europe’s largest economy remain on track for a solid recovery.
Euro zone retail sales were much stronger than expected in August due to a sharp surge of online purchases and increased clothing sales amid the pandemic, although July sales were revised downwards, official data showed. Investors are now focused on new U.S. coronavirus relief aid aimed at cushioning the economic blow from the pandemic.
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