COMEX Gold futures saw flat moves today as some profit selling emerged in the yellow metal amid a firm undertone in equities. Signs of a clear slowdown in global economic growth and the continued partial US government have been supporting the commodity in last few days. However, rising equities pulled the metal lower today and the counter currently trades at $1291 per ounce, flat on the day. MCX Gold futures are also trading flat just under Rs 32200 per 10 grams. The Indian Rupee slipped further. The INR broke above 71 per US dollar mark amid a firm undertone in the US dollar overseas. COMEX Gold stayed well supported last week as buying stayed in place following upbeat comments from the World Gold Council (WGC). The interplay between market risk and economic growth in 2019 will drive gold demand and financial market instability, monetary policy and the US dollar and structural economic reforms would be the three key trends that will influence the price performance of the metal, noted the WGC, in a latest update. Powered by Commodity Insights
|