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Gold eyes equities, global demand trends also in focus
30-Jan-20   12:26 Hrs IST

COMEX Gold futures edged up yesterday as falling US equities capped the downside. The WGC's fourth-quarter and full-year demands trend report showed that gold demand in 2019 declined by 1% to 4,335 tons. The global gold investment demand rose to record levels last year while physical demand tumbled to a nearly 10-year low as global gold prices hit six year top. COMEX Gold futures are currently trading at $1579 per ounce, up 0.50% on the day.

The US Federal Reserve announced its decision to leave interest rates unchanged following the conclusion of its two-day monetary policy meeting on Wednesday. The Fed decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent, keeping rates unchanged for the second straight meeting after three straight quarter-point rate cuts. The accompanying statement was largely unchanged from last month, with the Fed noting that recent data indicates the labor market remains strong and that economic activity has been rising at a moderate rate.

However, general concerns abound regarding the global economic growth, supporting Gold. The industrial efficiency throughout G7 countries and main emerging markets is expected to be muted in fall of 2019 owing to international business tensions and sharp deceleration in actual GDP expansion in the United States, China and India, The EIU stated in a document on Wednesday, according to media reports.

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