COMEX Gold stayed weak for a second session. The metal has been witnessing corrective action as six month highs triggered some hefty profit booking in the metal. The counter has not been able to sustain longer after hitting highs near $ 1,290 per ounce.
US equities turned in a mixed performance during trading on Wednesday, as traders reacted to the latest earnings news as well a steep drop in crude oil futures. COMEX Gold futures are trading at $ 1,280 per ounce, down 0.3 percent on the day.
The counter is lingering just above its one week low. MCX Gold futures dropped near Rs 29,200 per 10 grams today and currently trade down 0.2 percent at Rs 29,234 per 10 grams.
Yesterday, the Federal Reserve's Beige Book showed that all twelve Fed districts were equally split between modest and moderate economic growth in the past few months.
On the labor market, "a larger number of firms mentioned high turnover rates and more difficulty retaining workers." Modest wage pressures broadened during the most recent survey period. In the southeast, employers "struggle to find, hire and hold onto quality workers, particularly in skilled technical jobs, but also in sales, finance, information technology, and compliance positions.
Most APAC economies have started 2017 with good momentum, and regional growth is likely to remain relatively healthy by global standards during the rest of the year, says Fitch Ratings.
APAC sovereign rating trends are mostly stable. However, several rising challenges are likely to weigh on growth as the year wears on. Tighter global financial conditions and another round of US dollar appreciation could create strains.
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Precious Metals Preview: MCX Gold tanks under Rs 29K