MCX MORNING UPDATE
Gold Tanks From Two Week High.
Gold saw a choppy trend yesterday. The metal hit a two week high on heavy selling in global equities and worries over global economic growth kept the losses limited for the metal. Asian stocks slipped today. Chinese experts have confirmed that the novel coronavirus, a cousin of the SARS virus, is contagious between humans, meaning the virus can be transmitted from one person to another. COMEX Gold hit a two week high of $1568 per ounce on these worries. However, the metal flipped back the direction on strength in the US dollar. The US dollar index hit a six week high, pulling Gold sharply lower from its highs. The commodity fell to a one week low under $1550 per ounce and currently trades at $1552 per ounce, down 0.39% on the day. MCX Gold futures ended marginally lower at Rs 39911 per 10 grams.
Global Growth Worries Hurt Copper.
COMEX Copper fell sharply on global economic worries. Global economic growth for this year is projected at 3.3%, which is 0.1 percentage point less than the forecast made in October, International Monetary Fund said in the latest update to its World Economic Outlook report. The growth rate is projected to rise to 3.4% next year, which is 0.2 percentage points less than the October forecast. The growth estimate for 2019 was lowered to 2.9% from 3%. In a few cases, this reassessment also reflects the impact of increased social unrest, the lender added. COMEX Copper futures fell more than a percent to slip under $2.80 per pound. The metal currently trades at $2.79 per pound, up 0.24% on the day. MCX Copper futures close at Rs 452.50 per kg, down almost half a percent on the day.
WTI Crude Hovers Around $58 In Asia.
WTI Crude oil futures eased as highs around five week pushed up the counter lower. The commodity edged up yesterday as Libya declared force majeure on two major oilfields following a military blockade. However, the commodity failed to sustain above $59 per barrel amid tepid movement in global equities and currently trade at $58.13 per barrel, down 0.43% on the day. MCX Crude oil futures ended at Rs 4186 per barrel, almost unchanged on the day as weakness in Indian Rupee capped the losses. Indian Rupee slipped to around one week low as local stocks stayed under selling pressure. The INR closed at 71.21 per US dollar, 10 paise on the day.
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