Precious metals preview: Gold tumbles near Rs 29K
Gold slipped sharply yesterday as US stocks soared and the US dollar edged up. COMEX Gold has been facing plenty of after hitting highs above $1300 per ounce and the metal dropped heavily last night as DOW soared nearly 1 percent. The US- North Korea standoff has eased a bit and global equities are witnessing good buying.
COMEX Gold is quoting at $1291 per ounce right now, down marginally on the day. MCX Gold futures closed down 0.62 percent at Rs 29100 per 10 grams yesterday after testing a low near Rs 29K.
Meanwhile, the US dollar edged up after Germany&39;s economic confidence weakened for the third straight month to hit a 10-month low in August. The ZEW Indicator of Economic Sentiment declined to 10.0 in August from 17.5 in July, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday. This was the lowest score since October 2016, when the reading was 6.2. The indicator has remained significantly below the long-term average of 23.8 points and the expected level of 15.0. Meanwhile, the assessment of the current economic situation improved unexpectedly in August. The corresponding index rose to 86.7 from 86.4 in July, while it was forecast to drop to 85.2.
Dollar index has recovered from a recent multi month low. The index currently quotes in green around 93.46 levels.
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