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Precious Metals Preview: MCX Gold Slides Under Rs 38K
(19-Aug-2019, 00:41 Hours IST)
COMEX Gold saw good buying support and stayed around highest mark in nearly seven years as fears of a continued tepid global economic growth supported the metal. The US Treasury bond yield curve inverted for the first time since 2007, indicating that the bond markets are pricing in the possibility of a recession quite vehemently. The inversion denotes a situation where US 2-year note yields edge up above the 10-year bond yield. The Chinese finance ministry said in a statement that China is set to counter the latest US tariffs on $300 billion of Chinese goods, as it violated a consensus reached between Trump and Chinese President Xi Jinping at a June summit in Japan. The metal ended just above $1520 per ounce. The local spot markets are under stress ahead of the festive season and could hurt retail purchases if prices stay at current levels. India's Gold imports fell sharply by 42% to Rs 11787 crore in July while Silver imports jumped by a massive 231% to Rs 3611 crore in July. This slide in Gold imports can continue in near term given that the spot prices are hovering around record highs. MCX Gold futures ended just under Rs 37800 per 10 grams as some profit selling emerged in the counter.

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