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      Precious metals preview: Gold hits three week high

      MoM Team / Mumbai, Jul 21, 2017 10:20 AM IST

        Precious metals preview: Gold hits three week high

        COMEX Gold edged up to a three-week high on Thursday after European Central Bank President Mario Draghi said ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn, lifting the euro to a 14-month high against the US dollar. This pulled the broad dollar index lower too. The dollar index is around a 10 month low right now.

        COMEX Gold is quoting around $1250 per ounce in Asian trades. MCX Gold soared well above Rs 28300 per 10 gram levels and ended around Rs 28330 mark amid good follow up buying.

        Meanwhile, in line with the London Bullion Market (LBMA) best practices, the India Bullion and Jewellers Association (IBJA) has proposed before the government the "Good Delivery Rules" for gold and silver bars. The India Good Delivery Bar will be formed by domestic refiners. The association has called for public views on the draft proposal. IBJA may include some of these suggestions and forward an updated draft to the government, which is expected to be used in the formulation of a gold policy.

        The European Central Bank Governing Council, led by President Mario Draghi, kept all its three interest rates unchanged during the policy session in Frankfurt. The main refi rate was held at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate was kept at 0.25 percent.

        The ECB left its massive stimulus unchanged for an eleventh straight month on Thursday and also left the forward guidance intact, thus retaining the downward bias on asset purchases. The bank retained its asset purchases of EUR 60 billion a month till December 2017, or beyond, if necessary. The size was reduced in March from EUR 80 billion.


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      Source: Capital Market



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