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MCX Gold futures spiked in last session, rallying well above Rs 48,000 per 10 grams as global prices edged up. MCX Gold ended at Rs 48,287 per 10 grams, up 0.83% on the day.
COMEX Gold shot up to near one month high following hopes of a continued easy monetary policy by the US Fed. The US Fed Federal Reserve Chair Jerome Powell said the US economy was still a ways off from levels the central bank wanted to see before tapering its monetary support.
The US 10-year bond yields continued to ease after hitting a one week high of 1.42% and supported Gold. The yellow metal currently trades at $1824 per ounce, almost unchanged on the day.
Copper under selling pressure
COMEX Copper saw continued selling pressure amid rising LME inventories and worries over the Chinese near term demand. The metal saw some buying around one week low and currently trades at $4.28 per pound, up 0.37% on the day as supportive equities capped losses.
MCX Copper closed at Rs 721.80 per kg, down 0.55% on the day and should see a steady opening. Meanwhile, economic cues from the US remain fairly good.
The Beige Book noted the US economy strengthened further from late May to early July, with the pace of growth described as moderate to robust. The transportation, travel and tourism, manufacturing, and non-financial services sectors reported above-average growth, while energy markets improved slightly, and agriculture had mixed results.