GOLD PRICES SLIPPED ON WEAK GLOBAL CUES, FALL IN SPOT DEMAND

At the MCX, Gold futures for Aug 2019 contract was trading at Rs. 34384.00 per 10 gms, down by 0.56 %, after opening at Rs. 34525.00 per 10 gms , against a previous close of Rs. 34579.00 per 10 gms. It touched the intra-day low of Rs. 34340.00 per 10 gms and high of Rs. 34626.00 per 10 gms.

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive U.S. rate cut, although softer share markets capped the metal's losses.

MCXCOMDEX opened with positive note at 3655.82 and traded down by 0.22% at 3647.75. Commodities like Cardamom, Mentha oil, Lead, Natural Gas were stood as top gainers, gained by 1.43%, 0.49%, 0.23%, 0.06% respectively. On the other hand, Copper, Nickel, CPO, Gold, Cotton, Zinc, Silver, Aluminium, Crude oil futures were stood as top losers, lose by 0.91%, 0.69%, 0.64%, 0.56%, 0.47%, 0.39%, 0.19%, 0.14%,0.05% respectively.

Crude oil Jul future opened with negative note and continued to trade lower. But it suddenly moved up in afternoon session as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.

Equity Markets witnessed a volatile trade on Tuesday as investors looked for clarity on issues of taxation on share buyback and surcharge on FPI investment. Furthermore, waning rate cut hopes from the US Fedral Reserve dented sentiment across Asian markets. At close, the Sensex was up 10.25 points or 0.03% at 38730.82 while Nifty was down 2.70 points or 0.02% at 11555.90.