MCX Gold Price fell 2% on Thursday, on track for its biggest one-day fall in over three months, as renewed fears of a Stock global economic slowdown and disappointment over a lack of aggressive US Federal Reserve stimulus dampened bullion's inflation-hedge appeal. More information about mcx gold price visit my site mcx-trade-tips.blogspot.com
The metal extended a sell-off that start Wednesday when the Fed ended its policy to meeting without launching a new round of monetary easing but instead opted to lengthen its program aimed at lowering long-term interest rates known as "Operation Twist." MCX Silver also slid nearly 4 percent.
The manufacturing data was deflationary. MCX Gold selling accelerated following yesterday's Fed announcement, which was modestly disappointing for those traders who had bought gold in anticipation of more help from the Fed," said Mark Luschini, chief investment strategist of Janney Montgomery Scott, a broker-dealer with USD 54 billion in assets "I can see gold go back down to the mid USD 1,500," he said.
Spot MCX gold was down 2% at USD 1,574.40 an ounce by 12:26 p.m. EDT (1626 GMT), having earlier hit a low of USD 1,566.29 an ounce.
US COMEX MCX gold futures for August delivery were down USD 41.40 an ounce at USD 1,574.40, with trading volume in line with its 30-day average, preliminary Reuters data showed.
MCX Silver dropped 3.6% to usd 27.09 an ounce. An almost 3%-drop in Brent crude oil to a 18-month low and a sharp decline on Wall Street darkened the global economic outlook, lessening the need of buying MCX gold to hedge against inflation.
Weak physical demand also weighed, as bullion gold traders in India kept to the sidelines looking for a bigger retreat in spot prices. The rupee's fall to a record low against the dollar kept prices high in India, the world's biggest consumer of gold.
Latest MCX Gold Price at 12:25 p.m. EDT (1625 GMT)
LAST NET PCT YTD
CHG CHG CHG
US gold 1574.40 -41.40 -2.6% 0.5%
US silver 27.030 -1.359 -4.8% -3.2%
US platinum 1440.50 -26.30 -1.8% 2.9%
US palladium 609.65 -9.85 -1.6% -7.1%
Gold 1574.06 -31.32 -2.0% 0.7%
Silver 27.08 -1.02 -3.6% -2.2%
Platinum 1437.13 -13.27 -0.9% 3.2%
Palladium 606.17 -8.58 -1.4% -7.1%
Gold Fix 1582.00 -18.00 -1.1% 0.5%
Silver Fix 27.88 -43.00 -1.5% -1.1%
Platinum Fix 1457.00 0.00 0.0% 5.5%
Palladium Fix 617.00 0.00 0.0% -3.0%
The metal extended a sell-off that start Wednesday when the Fed ended its policy to meeting without launching a new round of monetary easing but instead opted to lengthen its program aimed at lowering long-term interest rates known as "Operation Twist." MCX Silver also slid nearly 4 percent.
The manufacturing data was deflationary. MCX Gold selling accelerated following yesterday's Fed announcement, which was modestly disappointing for those traders who had bought gold in anticipation of more help from the Fed," said Mark Luschini, chief investment strategist of Janney Montgomery Scott, a broker-dealer with USD 54 billion in assets "I can see gold go back down to the mid USD 1,500," he said.
Spot MCX gold was down 2% at USD 1,574.40 an ounce by 12:26 p.m. EDT (1626 GMT), having earlier hit a low of USD 1,566.29 an ounce.
US COMEX MCX gold futures for August delivery were down USD 41.40 an ounce at USD 1,574.40, with trading volume in line with its 30-day average, preliminary Reuters data showed.
MCX Silver dropped 3.6% to usd 27.09 an ounce. An almost 3%-drop in Brent crude oil to a 18-month low and a sharp decline on Wall Street darkened the global economic outlook, lessening the need of buying MCX gold to hedge against inflation.
Weak physical demand also weighed, as bullion gold traders in India kept to the sidelines looking for a bigger retreat in spot prices. The rupee's fall to a record low against the dollar kept prices high in India, the world's biggest consumer of gold.
Latest MCX Gold Price at 12:25 p.m. EDT (1625 GMT)
LAST NET PCT YTD
CHG CHG CHG
US gold 1574.40 -41.40 -2.6% 0.5%
US silver 27.030 -1.359 -4.8% -3.2%
US platinum 1440.50 -26.30 -1.8% 2.9%
US palladium 609.65 -9.85 -1.6% -7.1%
Gold 1574.06 -31.32 -2.0% 0.7%
Silver 27.08 -1.02 -3.6% -2.2%
Platinum 1437.13 -13.27 -0.9% 3.2%
Palladium 606.17 -8.58 -1.4% -7.1%
Gold Fix 1582.00 -18.00 -1.1% 0.5%
Silver Fix 27.88 -43.00 -1.5% -1.1%
Platinum Fix 1457.00 0.00 0.0% 5.5%
Palladium Fix 617.00 0.00 0.0% -3.0%
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