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      Precious Metals Preview: Gold tests six week low

      MoM Team / Mumbai, Jun 27, 2017 10:13 AM IST

        Precious Metals Preview: Gold tests six week low

        Gold prices slipped more than a percent to test their lowest in near six weeks yesterday amid a stronger dollar and gains in global equities. Global stock markets rose Monday after Wall Street rebounded from losses on Friday to end last week higher on stronger oil and gas prices. Stocks edged higher Friday after energy companies clawed back some of the week’s losses.

        COMEX Gold has been wavering off late amid broad demand worries while the firmness in the US dollar index ensured that recent gains in the yellow metal prove short lived. Gold is currently trading at $ 1245 per ounce, almost unchanged on the day. MCX Gold futures ended around Rs 28500 per 10 grams, witnessing heavy losses on the day.

        The metal eyed poor US economic data last night and some buying emerged in the NY trading. US stocks show a lack of direction as traders seemed uncertain about the near-term outlook for the markets after the Dow and S&P 500 reached record highs last week. New orders for US manufactured durable goods fell by more than expected in the month of May, according to a report released by the Commerce Department on Monday. The report said durable goods orders tumbled by 1.1 percent in May after slumping by 0.9 percent in April.


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