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      Precious metals preview: MCX Gold set for poor start

      MoM Team / Mumbai, Aug 03, 2017 10:11 AM IST

        Precious metals preview: MCX Gold set for poor start

        COMEX Gold futures stayed weak today after hitting around two month highs. US Private sector hiring stayed strong in July as employers added 178,000 jobs ADP reported. This is likely to keep Gold under stress after a series of strong global economic updates earlier this week.

        The Dow Jones Industrial Average breached the 22,000 mark for the first time ever on Wednesday. This pulled COMEX Gold lower and the metal is down 0.77 percent at $1268.50 per ounce right now. MCX Gold futures ended around Rs 28580 per 10 grams, carving out good gains in intraday moves but should slip in early moves.

        Activity in the US manufacturing sector saw continued growth in the month of July, according to a report released by the Institute for Supply Management on Tuesday, although the pace growth slowed. The ISM said its purchasing managers index dropped to 56.3 in July from 57.8 in June, with a reading above 50 indicating growth in the manufacturing sector. The decrease by the headline index came amid a slowdown in the pace of growth in new orders, as the new orders index fell to 60.4 in July from 63.5 in June.

        Eurozone expanded at a faster pace in the second quarter as economic activity gained further momentum. Gross domestic product grew 0.6 percent sequentially, faster than the revised 0.5 percent increase seen in the first quarter, preliminary flash estimates from Eurostat showed Tuesday.

        China's manufacturing activity growth accelerated in July as output and new orders expanded at the fastest rates in five months, survey data from IHS Markit showed Tuesday. The Caixin manufacturing Purchasing Managers' Index rose unexpectedly to 51.1 in July from 50.4 in June.

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      Source: Capital Market

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