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Capital Market » Commodity Futures » Mid-session commentary

MCX Gold Moves Closer To Rs 48K

May 18, 2020 12:00 IST | capital market

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MCX Gold futures approached to fresh all-time highs today even as the local retail demand remained grounded on the national lockdown. The COMEX Gold futures are swinging higher over last few days as the calls of further monetary boost from the leading global central bankers. The business shutdowns caused by the coronavirus pandemic could easily cause the US economy to collapse by 20 to 30% this quarter, Federal Reserve Chairman Jerome Powell said on Sunday. This could keep the chances of a further monetary push across the globe, adding to the swathes of liquidity poured in the world economy and financial markets over last two months. COMEX Gold futures are trading at $1773 per ounce, up 1% on the day. MCX Gold hit a fresh high of Rs 47929 per 10 grams today as a massive spurt was seen in early moves. The counter currently trades at Rs 47873 per 10 grams, up 1.04% on the day.

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