Precious Metals Preview: Gold Slumps, MCX Futures Tests Lows Under Rs 46K

Precious Metals Preview: Gold Slumps, MCX Futures Tests Lows Under Rs 46K

Sep 17, 2021 08:09 IST capital market

Gold tanked as a slide under $1800 per ounce level. The commodity fell more than 2% in US session to test a one month low of $1755 per ounce as the US dollar index approached 93 mark. Dollar gained after the US retail sales rose in August, reflecting continued strength in the US economy. The value of overall retail purchases climbed 0.7% last month following a downwardly revised 1.8% decrease in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest gain in five months. Gold was hit as the inability of the metal to hold above the $1800 per ounce mark also weighed on the counter. MCX Gold tested lows around Rs 45800 per 10 grams mark and closed around Rs 46000 per 10 grams mark

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