GOLD PRICES SHOOT UP TODAY ON POSITIVE GLOBAL CUES

At the MCX, Gold futures for Aug 2019 contract was trading at Rs. 34754.00 per 10 gms, up by 0.49 %, after opening at Rs. 34550.00 per 10 gms , against a previous close of Rs. 34583.00 per 10 gms. It touched the intra-day low of Rs. 34550.00 per 10 gms and high of Rs. 34828.00 per 10 gms.

Gold prices futures inched up in early trade on Monday, taking support from positive global trends and amid brisk buying by jewellers in the spot market. The yellow metal and other precious metals could get expensive in the domestic market as a result of increase import duty on gold to 12.5 per cent. Ahead of the Budget, India’s gold imports declined by 3 per cent.

MCXCOMDEX opened with positive note at 3650.61 and traded up by 0.17% at 3656.00. Commodities like Nickel, Lead, Copper, Silver, Gold, Crude oil, Natural Gas were stood as top gainers, gained by 1.03%, 0.92%, 0.55%, 0.52%, 0.49%, 0.28%, 0.18% respectively. On the other hand, Mentha oil, Cardamom, CPO, Zinc, Cotton, Aluminium futures were stood as top losers, lose by 3.60%, 1.10%, 0.72%, 0.41%, 0.19%, 0.04% respectively.

Union Budget 2019 triggered the fall in equity market as it failed to cheers investors. Proposals like surcharge on high income generating groups, increased threshold of minority shareholding from 25 per cent to 35 per cent and no specific announcement to revive consumption dampened investment sentiment. At close, the Sensex was down 792.82 points or 2.01% at 38720.57 while Nifty was down 252.55 points or 2.14% at 11558.60.