GOLD PRICES JUMP ON POSITIVE GLOBAL SENTIMENT, HIGHER SPOT DEMAND

At the MCX, Gold futures for Aug 2019 contract was trading at Rs 34741.00 per 10 gms, up by 1.53 %, after opening at Rs 34250.00 per 10 gms , against a previous close of Rs. 34217.00 per 10 gms. It touched the intra-day low of Rs 34205.00 per 10 gms and high of Rs 35100.00 per 10 gms.

Suddenly, Gold prices climbed in afternoon session, supported by positive global sentiment and an uptick in demand by jewellers at the spot market. Silver also jumped on heightened demand by industrial units and coin makers. Today Finance Minister announced in union budget 2019, the custom duty on Gold and other precious metals increased from 10% to 12.5%.

MCXCOMDEX opened with flat note at 3625.99 and traded up by 0.37 % at 3638.82. Commodities like Natural Gas, Cardamom, Silver, Gold, Mentha oil were stood as top gainers, gained by 3.08%, 3.00%, 1.61%, 1.53%, 0.32% respectively. On the other hand, CPO, Zinc, Copper, Aluminium, Cotton, Lead, Nickel, Crude oil futures were stood as top losers, lose by 2.26%, 0.69%, 0.47%, 0.32%, 0.28%, 0.13%, 0.12%, 0.10% respectively.

Sensex and Nifty fell sharply around 1% each post budget announcement and ended in the bearish territory.NSE Nifty 50 ended 1.14 per cent or 135.60 points lower at 11811.15 and Sensex fell 0.99 per cent or 394.67 points to 39513.39.