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      Precious metals preview: Gold ends flat on MCX after choppy session

      MoM Team / Mumbai, Jul 20, 2017 09:56 AM IST

        Precious metals preview: Gold ends flat on MCX after choppy session

        Gold continued to face selling pressure after hitting its two week high as strong US economic data and soaring equities capped the upside. COMEX Gold is currently trading at $1238 per ounce, down 0.32% on the day. COMEX Gold futures topped out around $1244 per ounce mark- exactly around its 50 day Exponential Moving Average (EMA) and are drifting lower now.

        Prices recovered from a four month low around $1200 per ounce earlier this month before witnessing the latest setback. MCX Gold futures closed flat at Rs 28255 per 10 grams in a choppy session yesterday.

        After reporting an unexpected decline in new residential construction in the US in the previous month, the Commerce Department released a report on Wednesday showing housing starts rebounded by more than expected in the month of June. The report said housing starts surged up by 8.3% to an annual rate of 1.215 million in June from the revised May estimate of 1.122 million. The bigger than expected increase in housing starts was partly due to a jump in multi-family starts, which spiked by 13.3% to a rate of 366,000 in June from 323,000 in May. Single-family starts also saw a notable increase during the month, climbing by 6.3% to a rate of 849,000 in June from 799,000 in May. The Commerce Department said building permits also jumped by 7.4% to a rate of 1.254 million in June from 1.168 million in May.

        US stocks moved up on resurgence in buying. With the upward move on the day, all three major averages reached new record closing highs. Asian equities are also mostly up, benefiting from a strong momentum despite the fact that major markets have already ran up sharply this year.


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      Source: Capital Market



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