Precious Metals Preview: Gold Holding Steady In Asia

COMEX Gold is witnessing stable moves as broad worries over US-China trade spat lingered around. Media reports are indicating good demand in China though fun buying in global futures market is slightly thin after recent run up in the prices. The metal currently trades at $ 1336 per ounce, up 0.36% on the day. MCX Gold futures ended flat at Rs 32630 per 10 grams and should see a positive start today.

On the economic front, Eurozone investor confidence eroded sharply in June as a renewed escalation in trade tensions between the US and China hurt sentiment in the single currency bloc, survey data from the behavioral research institute Sentix showed on Tuesday. The investor confidence index for the euro area fell by 8 points to -3.3 from +5.3 in May. The renewed escalation in the US-China trade dispute is also having a considerable impact on the Euro zone economy, Sentix said. Investor confidence in Germany also fell sharply in June to reach negative territory for the first time since March 2020.

UK unemployment rate remained stable in April at the lowest since 1974 and employment hit a record, data from the Office for National Statistics showed. In three months to April, the ILO jobless rate came in at 3.8%, the lowest since end 1974. At 76.1%, the employment rate was the joint-highest on record. The number of people in employment increased 32,000 to a record high of 32.75 million.