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As on: Oct 24, 2018 11:33 AM
Precious Metals Preview: MCX Gold Hits Highs Above Rs 32000 Per 10 Gram
12-Oct-18   09:43 Hrs IST

COMEX Gold jumped nearly 2% in intraday moves as traders reassessed their outlook for the US Fed interest rates following the release of consumer price data. The US Consumer Price Index increased 0.1% in September after rising 0.2% in August. In the 12 months through September, the CPI increased 2.3%, slowing from August's 2.7%. Sentiments remained tense for global stocks as DOW shed another 2%. European stocks also fell near 20 month lows on Thursday on concerns about slowing global growth. COMEX Gold raced up above $1200 in a hurry and hit a two and half month high near $1230 per ounce. The metal currently trades at $1224 per ounce, down marginally on the day. MCX Gold futures ended at Rs 31991 per 10 gram, up 2% on the day after testing a high of Rs 32014 per 10 gram as the Indian Rupee hit a fresh low of 74.50 per US dollar.

Gold is expected to hold this massive break above $1200 levels amid a broad economic slowdown globally. A latest update from the IMF stated that the global economy is strong at the moment but it can clearly be seen that growth has plateaued. IMF expects global growth to remain at 3.7% for three years in a row (2017-19) though some of the risks that it highlighted in April, have now begun to materialize, especially from rising trade barriers. If these tensions were to escalate, the global economy would take a significant hit. With global public and private debt at an all-time high, any slight change in the wind could provoke capital outflows and economic instability in emerging markets. It said that global economy needs to press ahead with the financial regulatory agenda and resist backsliding.

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