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Gold expected to trade with a positive bias, though volatility in Euro, Pound a risk


MCX gold futures (Aug 4) were flat at Rs 59,799 per 10 grams at the last count, having traded between Rs 59,765 and Rs 59,802 earlier in the day. Silver futures (Sept 5) were up 0.15 per cent or Rs 114 at Rs 76,217 per kg.


"Gold been supported from falling treasury yields may continue to gather momentum on Emerging signs the Federal Reserve will stop raising borrowing costs after the next meeting, even as policymakers stick to their hawkish messaging.


In the international market, COMEX gold traded at $1,980.6 per ounce. Spot gold was down 0.11 per cent in the international market and stood at $1,975.6 per ounce.


"Investors look forward to the UK's and Euro-zone's CPI inflation data to be released today to assess the possible stances of these two central banks. Apart from these macroeconomic indicators, focus will be on the US housing starts (June), too. In yet another positive development for gold, global ETF holdings recorded second consecutive inflows yesterday. Gold is expected to trade with a positive bias, though volatility in Euro, Pound and yields is a potential risk. Support is at $1965/$1950. Resistance is at $1985/$2000," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.



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