MCX Gold Tips: In the commodity trading call today, Neal bhai advised to sell gold. In which gold slipped from 74400 to 74050 and a very good fall of 350 points was seen.
- On Wednesday, the price of gold hit an all-time high of $2,483.60.
- MCX Gold fell 350 Points as Expected, Made a Profit of 70,000 in 2 lots
- Spot Gold में लगातार दूसरे दिन गिरावट आई, मंदी की संभावना सीमित है।
- Copper prices fall on lack of stimulus from China, trend towards gold
- निकट भविष्य में सोना 75,000 के स्तर को छू लेगा
- Silver Price Outlook: फेड ब्याज दर में कटौती की संभावना से चांदी में तेजी
MCX Gold Tips and Forecast
MCX Gold 74400 to 74050 💡💡💡
MCX Gold 74400 to 74050 💡💡💡
MCX Gold 74400 to 74050 💡💡💡
Yellow Metal 350 Points Down, Profit 35,000 Per Lots.
Gold Profit Rs. 35,000 in 2 Lots.
Financial markets suffered a reversal of fortunes as the gains recorded earlier in the week were matched by the losses seen on Thursday, with stocks, crude oil, gold, and Bitcoin (BTC) all trending lower.
Gold prices fell on Thursday but remained at record highs hit in the previous session, as expectations of a rate cut by the U.S. Federal Reserve in September continued to gain momentum.
Spot gold fell 0.3% to $2,451.21 per ounce by 1844 GMT. It hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures fell 0.1% to $2,456.4.
“Analysts expect long-term gains for this precious metal due to the Federal Reserve’s readiness to cut rates now that they believe inflation is under control,” said Russell Shor, senior market specialist at TradeU.
Geopolitical instability and central bank demand are also creating a positive medium-to-long term outlook for gold, Shor said.
Markets are pricing in a 98% chance of a U.S. rate cut in September, according to the CME FedWatch tool. The appeal of non-yielding bullion shines in a low-interest rate environment.
The number of Americans filing new applications for unemployment benefits rose more than expected last week, but there has been no significant change in the labor market, according to data released by the Labor Department on Thursday.
However, the International Monetary Fund said on Thursday that the Fed should not cut interest rates until late 2024.
Meanwhile, the European Central Bank kept interest rates unchanged as expected, with its president, Christine Lagarde, saying a move in September was “fully open.”
Jim Wyckoff, senior market analyst at Kitco Metals, said some safe-haven demand from China is starting to pick up “due to the negative rhetoric from both U.S. presidential candidates toward China.”
Global physically-backed gold exchange-traded funds recorded a second consecutive month of inflows in June, according to the World Gold Council.
Spot silver fell 1.4% to $29.8 per ounce, platinum fell 2.3% to $971.88 and palladium fell 2.5% to $928.00.
