COMEX Gold has slipped to near two month low as markets wait for the key US nonfarm payrolls data today. Economic cues have been upbeat and equities are enjoying a record run in US, keeping Gold bulls at bay. New orders for US manufactured goods rebounded by slightly more than anticipated in the month of August, according to a report released by the Commerce Department on Thursday. The report said factory orders jumped by 1.2% to $471.7 billion in August. Supportive economic data boosted sentiments for US equities. The major US averages extended a recent upward trend, once again reaching new record closing highs yesterday. COMEX Gold failed to sustain gains in intraday moves yesterday following this and currently trades at $1270 per ounce, down 0.25% on the day. MCX Gold futures closed at Rs 29342 per 10 grams yesterday, up 0.18% on the day.
Domestic demand conditions have been mostly supported. Titan Company announced recently that its operational performance in second quarter was close to expectation. The July-September quarter is normally a comparably weaker quarter every year due to the lack of festivals and certain inauspicious periods. This year we had the disruption due to the introduction of the GST regime as well. Having said that, the market share gain in the jewellery business continued unabated despite some slowdown in the month of July as a consequence of the advancement of sales that we saw in the second half of June (in anticipation of GST), noted the company.
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