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  • Pre Session Commentary - Detailed News

Precious Metals Preview: Gold Corrects, Strong Indian Bullion Imports Can Curb Downside
17-Jul-19   09:07 Hrs IST
COMEX Gold eased nearly 0.75% yesterday as firm US retail sales data made traders trim expectations of near term interest rate cut by the US Federal Reserve and boosted the US dollar. The Commerce Department said that retail sales rose 0.4% last month, the fourth straight increase. The dollar index spiked well above 97 levels after the data and pulled Gold lower. The Dow also hit a new record intraday high yesterday and weighed on Gold. The shiny metal currently trades at $1406 per ounce, down 0.34% on the day. MCX Gold futures ended at Rs 34802 per 10 grams, down 0.23% in last session and can see some more losses today. However, firm precious metals import data can curb losses in bullion counters. India's Gold imports surged around 16% to Rs 18717 crore over year in June 2019 while Silver imports also jumped nearly 17.25% to Rs 2895 crore. In dollar terms, Gold imports jumped 13% to $2695 million while Silver imports rose 14.50% to $417 million.

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