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As on: Feb 24, 2019 02:17 AM
Precious Metals Preview: MCX Gold To Gain As Local Stocks Plummet
11-Oct-18   09:43 Hrs IST

Gold gained yesterday is a deep slide in world markets supported the sentiments for the metal on safe haven buying. Global economic worries stayed in place. Although the global expansion has plateaued, easy monetary policies continue to support growth. Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the International Monetary Fund said on Wednesday.

The undertone in risky assets was weak following the recent updates on global economy. DOW dropped 3% and NASDAQ plummeted 4%. COMEX Gold was seen benefiting following this tumble. The metal currently trades at $1196.80 per ounce, up 0.28% on the day. MCX Gold ended up 0.36% at Rs 31395 per 10 gram and should rally in early moves. The local equities have crashed by around 2.5% so far and that should also support the MCX Gold futures.

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