MCX Gold Breaks Into Green As INR Flounders To 19 Month Low

MCX Gold futures gained following a weak Indian Rupee even as the global cues remained tepid. COMEX Gold futures extended recent losses and fell near a seven month low, breaking under the $ 1260 per ounce mark yesterday. A modest spell of calm was seen in global markets as traders tried to look past the latest global trade spat. DOW edged up while European markets also ended in green. The global markets tumbled on Monday with fresh threats from President Donald Trump against US trading partners underlined how the risk of protectionist policies has not left the market. While the equities are trying to come back after the recent pounding, Gold has not been able to find any favors and the movement remained stressed for the metal today as well. COMEX Gold is currently quoting at $ 1257 per ounce, down 0.20% on the day. However, the MCX Gold futures broke into green and are currently trading at Rs 30640 per 10 grams as the Indian Rupee tested a fresh 19-month low above 68.50 against the US dollar. Local equity markets have also slipped with the NIFTY50 quoting down nearly 0.80% on the day after a decent opening.