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      Precious metals preview: Gold near 4-week high on weak dollar

      MoM Team / Mumbai, Jul 25, 2017 09:52 AM IST

        Precious metals preview: Gold near 4-week high on weak dollar

        COMEX Gold edged up near four week highs on weak US dollar though upbeat global economic momentum is likely to keep the metal under check on rallies. The dollar has dropped near a 13-month low against a basket of major currencies as US political woes dampened hopes for quick passage of Trump's stimulus and tax reform agendas.

        COMEX Gold is quoting at $1261.90 per ounce, up nominally on the day. MCX Gold futures closed just above Rs 28500 per 10 grams after easing from highs above Rs 28600 levels.

        The International Monetary Fund on Monday maintained its global growth projections saying the pickup in global growth remains on track as anticipated in April. Global output is forecast to grow by 3.5 percent in 2017 and 3.6 percent in 2018. The unchanged growth projections mask somewhat different contributions at the country level, the Washington-based lender said in its World Economic Outlook Update.

        Short-term risks are broadly balanced, but medium-term risks are still skewed to the downside, the Washington-based lender said. The growth forecast in the United States has been revised down further to 2.1 percent from 2.3 percent in 2017 and to 2.1 percent from 2.5 percent in 2018. The downward revision is based on the assumption that fiscal policy will be less expansionary going forward.

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      Source: Capital Market

    Energy Preview: MCX Crude crashes 2% on overwhelming global correction

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