Precious Metals Preview: MCX Gold Eases Under Rs 38000 Per 10 Grams

Precious Metals Preview: MCX Gold Eases Under Rs 38000 Per 10 Grams

Sep 12, 2019 04:09 IST capital market

COMEX Gold futures are lingering around $1500 per ounce as some buying emerged in the counter after recent losses took it to one month low. Selling pressure stayed intact on the metal last night as US stocks hit one month high on reports that China is granting tariff exemptions for 16 types of US products ahead of the next round of trade talks. MCX Gold closed at $37910 per ounce, down 0.80% on the day as a breach under Rs 38000 level extended. Domestic Gold demand is looking tepid amid frail economic cues. Fitch Ratings has forecast that Indias economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt, according to media reports.

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