Precious Metals Preview: Gold Recovers, MCX Futures End Above Rs 31100 Mark

COMEX Gold trimmed some of the latest losses on political instability in the Eurozone and weakness in stocks. European equities slumped on media reports that the Italian President had blocked the proposed finance minister. This boosted the US Dollar index to a multi month high near 95 levels. However, COMEX Gold failed to hold above $ 1300 per ounce levels and dropped today. Gold tumbled Monday, giving up some of its recent gains after US President Donald Trump said a US team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering it again. Markets in Europe are down sharply. However, the metal edged up amid hefty correction in equities. European indices slipped around 1%. US stocks also sank amid political turmoil in Italy. The Dow Jones industrial average fell 391.64 points — or 1.58% amid heavy losses in Goldman Sachs, Boeing, and J.P. Morgan Chase. At its lows, the index lost more than 500 points, or 2%. MCX Gold ended up 0.73% at Rs 31118 per 10 grams.