Bullion MCX Weekly Recomdation and Trading Signals

Gold futures closed higher in the domestic market on Friday after a report on U.S. economic growth came in weaker than expected, pushing the dollar lower and lifting prices for the precious metal higher to a three-week high Gold saw further support as many investors believe that the Federal Reserve lacks the confidence to lift rates too abruptly without further signs of strength in the U.S. economy. COMEX Gold surged to its highest level in around two and half years following a tepid US GDP data. Good bargain buying has been seen in Gold this week after the metal tested one month low. The US economic continued to perform modestly. GDP in the second quarter accelerated from the first quarter, according to the initial estimate released by the Commerce Department. The GDP edged by 1.2% in the second quarter following a downwardly revised 0.8% increase in the first quarter.

The immediate reaction of Gold was extremely positive to this data and the metal is currently trading at $1353 per ounce, up around 1% on the day. MCX Gold futures also soared in a similar manner and currently trade at Rs 31299 per 10 grams, up 0.80% on the day. The GDP edged by 1.2% in the second quarter following a downwardly revised 0.8% increase in the first quarter. The immediate reaction of Gold was extremely positive to this data and the metal is currently trading at $1357 per ounce. MCX Gold futures also soared in a similar manner and ended at Rs 31530 per 10 grams, up 1.60% on the day.

Leave a Reply

Your email address will not be published. Required fields are marked *