GOLD SHINES ON WEAK RUPEE, VOLATILE EQUITIES; CRUDE OIL RISE ON POSITIVE GLOBAL CUES

At the MCX, Gold futures for Aug 2019 contract was trading at Rs. 34324.00 per 10 gms, up by 0.46 %, after opening at Rs. 34290.00 per 10 gms, against a previous close of Rs. 34167.00 per 10 gms. It touched the intra-day low of Rs. 34254.00 per 10 gms and high of Rs. 34370.00 per 10 gms.

Gold Prices resumed their recent rally on Monday, as prospects for easier monetary policy from the Federal Reserve and other central banks boosted inflows into the precious metal. In the international Market, Gold Prices hovered near a six –year high touched in the previous session. Gold Prices climbed in futures trade, taking support from the weakness of rupee while a volatile equity market boosted the appeal of gold as a safe-haven asset.

MCXCOMDEX opened with positive note at 3660.81 and traded up by 0.07% at 3660.30. Commodities like Natural Gas, Zinc, Gold, Crude oil, Silver, Nickel were stood as top gainers, gained by 0.59%, 0.55%, 0.46%, 0.35%, 0.25%, 0.03% respectively. On the other hand, Cardamom, Lead, CPO, Copper, Cotton, Mentha oil, Aluminium futures were stood as top losers, lose by 4.00%, 0.88%, 0.69%, 0.66%, 0.65%, 0.59%, 0.59% respectively .Cardamom Future stood as the top loser in commodity market.

Equity market closed with marginal lower, dragged down by metal stocks, amid weak global cues and rise in oil price. BSE Sensex settled 71.53 points, or 0.18 per cent, lower at 39122.96. The broader Nifty50 dipped 24.25 points, or 0.21 per cent, to 11699.65