Hide News  MCX Gold Poised For Losses, Silver Holds Up
Aug 27, 2015  18:57

Gold is expected to trade on a weaker note in the floor trades as the US markets get underway. Strong US economic data and positive cues from global equities can keep the metal under check after the latest correction from seven week high. The US economy grew at a faster 3.7% annual pace in the second quarter, up from the initial estimate of growth at a 2.3% rate, the Commerce Department said Thursday.

Consumer spending, the bedrock of US economic activity, was revised up slightly to 3.1% instead of 2.9%. Businesses increased investment by 3.2% increase of a drop of 0.6%. New applications for US unemployment benefits fell by 6,000 to 271,000 in the seven days ended August 22, the first decline after four straight weekly gains. These data are bound to keep US stocks supported after a very strong pullback in last session. Gold has been witnessing selling pressure on rallies today, not holding onto highs above $1120 per ounce.

Across the board gains emerged in the stocks as traders resorted to bargain buying and a bounce in Chinese equities helped calm sentiments. COMEX Gold is quoting at $1121 per ounce, down 0.32% on the day. MCX Gold futures tumbled near Rs 26200 per 10 grams mark amid lax moves in world prices and strength in the Indian Rupee. The counter currently trades at Rs 26300 per 10 grams, down 0.65% on the day. However, MCX Silver is up 0.28% at Rs 33518 per kg.

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