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As on: Nov 21, 2018 06:08 AM
Precious Metals Preview: MCX Gold To Watch Moves In INR
14-Sep-18   09:19 Hrs IST
COMEX Gold futures slipped yesterday as choppy moves extended in the metal with selling pressure emerging on modest rallies. A slightly soft reading on US inflationary front also weighed on the metal after The US Labor Department said its consumer price index rose by 0.2% in August, matching the increase seen in July. Excluding food and energy prices, core consumer prices edged up by 0.1% in August after rising by 0.2% for three straight months. US stocks also rose Thursday, with the S&P 500 extending its uptick to a fourth straight session. The Trump administration is giving Beijing another chance to try to stave off new tariffs on $200 billion in Chinese exports, bringing some calm to the recent flare up in trade worries. COMEX Gold has been witnessing a sideways trend in last few days. MCX Gold drifted back after testing Rs 30700 per 10 gram levels. However, the overall undertone in local futures is likely to be mixed and would also depend on how the INR trades. The domestic currency has been recording all time lows recently and has played a major role in keeping MCX Gold elevated.

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