Precious Metals Preview: MCX Gold Slips Under Rs 31K

COMEX Gold stayed supported on world trade war fears. China imposed tariffs on a range of US goods, to retaliate against the Trump administrations penalties on imports of Chinese steel and aluminum. The metal is off its recent highs but trades steady at $ 1338 per ounce. MCX Gold futures slipped from highs above Rs 31000 per 10 grams yesterday and ended around Rs 30740 per 10 grams. The metal should see a mixed outing today though overall undertone remains supportive.

FTSE 100-listed miner Randgold Resources Ltd said on Tuesday operations at its Tongon mine have been disrupted by industrial action. Randgold said the mining subcontractor at Ivory Coasts Tongon is negotiating with workers, while Randgold is working with local and national authorities for a solution. Tongon is not meeting forecast production, Randgold said, though it expects it to get back to full capacity to try and recover lost output. Overall group production guidance for 2018 remains unchanged.

The Perth Mints sales of gold products jumped nearly 13% in March from a month earlier. Sales of gold coins and minted bars rose to 29,883 ounces in March from 26,473 ounces in February, the mint said. Gold sales soared nearly 34% in March compared with the same month last year. Silver sales in March fell 1.7% month-on-month to 975,921 ounces, but surged about 36% compared with the same time last year.