Gold Prices Under Pressure On Firmer Equities; Central Banks In Focus

Gold Prices Under Pressure On Firmer Equities

On Monday Gold futures prices were under pressure, extending losses from last week as Asian stocks were at near nine-month highs  and investors looked ahead to key central bank meetings later this week on July 26 to 27, followed by the Bank of Japan’s policy meeting on July 28 to 29.

Gold for August delivery on the Comex fell to a session low of $1,313.10 a troy ounce. It last traded at $1,324.75, down $6.75, or 0.51%.

Spot gold was down 0.4 percent at $1,316.16 an ounce. Bullion fell 0.7 percent on Friday, declining for a second successive week.

The Federal Reserve not be expected to take action on interest rates at the conclusion of its policy meeting two days on Wednesday but market participants analyze its policy statement in search of fresh clues at the time of rate hikes interest in the coming months.

The Bank of Japan, on the contrary, it is expected that a more expansive policy review ending on Friday, which could include a rate cut deeper into negative territory and purchases of additional active policy.

Asian stock markets gained on Monday as concerns about the impact of Brexit vote of Britain eased part of efforts to support the growth, while the US dollar stayed afloat by a series of solids economic data from the US.

At the Multi Commodity Exchange, Gold for delivery in far-month October was down Rs 143, or 0.46 per cent to Rs 31,105 per ten grams in futures trade today as participants cut down their bets, tracking a weak trend overseas.

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Posted in Commodity, MCX, Stocks Market

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