MCX GOLD CMP 27610 SELL KARO 100–200–500 Lots and So Jaao Loot Lo Dabbe wale ko…….. karo dil khol kar sell
In global markets, gold prices were up 0.3% to $1,503.59 an ounce. Gold prices have come off six-year highs of $1,550 in global markets, hit earlier this month. “Gold continues to remain in a broad range near $1500 per ounce. Gold may remain under pressure on Fed’s non-committal stance but we may not see a sustained decline as geopolitical issues and global economic risks may keep a floor to price,” Kotak Securities said in a Thursday note.
Central banks across the world face increasing pressure to offer monetary support amid a slowing global growth. The US Fed on Wednesday cut interest rate by 25 basis points but gave mixed signals about future rate cuts. Earlier this week, gold saw some safe-haven demand following an attack on Saudi oil facilities.
“Disappointment over Fed’s non-committal stance on future rate cuts has put some pressure on commodities. ETF outflows also show weaker investor interest in silver,” the brokerage added.
Gold traders will also watch the progress in US-China trade talks as deputy trade negotiators of both the countries resumed face-to-face talks for the first time in nearly two months on Thursday.
Helping gold in global markets is a weaker dollar. The dollar index dipped today against a major basket of currencies as the greenback struggled to gain in the face of the less dovish Fed meeting.
The gold price rally seen this year has hurt demand in India, world’s second biggest market. Prices are up around 20% year to date, dampening demand at a time when the economy has slowed down. Analysts would be closely watching the demand in the forthcoming festive season, typically when buying picks up.