GOLD : TODAY, Gold fell further by Rs 70 to Rs 30,680 per ten grams at the bullion market today, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 70 each to Rs 30,680 and Rs 30,530 per ten grams, respectively. The precious metal had shed Rs 20 in Saturday's trade.
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TECHNICAL VIEW: Gold prices fell on Friday, reflecting tension between a global backdrop of easier interest rates and the chance of U.S. monetary policy being tightened before the end of the year. Bullion has benefited significantly - hitting its highest in two years this month - as central banks from Europe to Japan keep policy looser for longer,
which neutralizes the opportunity cost of holding an asset that does not pay interest. But the dollar has gained on strong U.S. data, boosting bets the Fed will raise U.S. rates by year-end. Friday's U.S. manufacturing PMI numbers reflected the trend; the employment index hit the highest since July last year.
Outlook :We expect gold prices to trade negative on the back of the chance of U.S. monetary policy being tightened before the end of the year.
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