Gold prices have shot higher in the open this week due to the increased tensions in the Middle East following the attack on Saudi Arabia’s oil and gas facilities in Abqaiq which has suspended half of the kingdom’s processing, corresponding to 6% of world supply.
Mcx Tips
Spot Gold Bearish Traders are likely to Aim Towards Testing the Target $1440 Level
Spot Gold Bearish traders are likely to aim towards testing the $1440 support area. Gold maintained its bid tone through the mid-European session on Wednesday and for now, seems to have snapped four consecutive days of losing streak.
Gold Spot If Close Below $1480 Sell MCX Gold Again 100–500 Lots – Neal Bhai Reports
Gold Spot If Close Below $1480 Sell MCX Gold Again 100–500 Lots – Neal Bhai Reports
News that the U.S. and China agreed to work toward a fresh round of trade talks next month provided a boost to the U.S. and global stock markets, and a stronger-than-expected private-sector employment data also helped to ease worries about a slowdown in the economy, damaging the metal’s haven appeal.
Gold Boom Higher on Lackluster Non-Farm Payrolls Data – Gold Silver Reports
The increase in new jobs for July was downwardly revised to 159,000 from 164,000 and June’s figure was cut to 178,000 from 193,000. Average hourly earnings was a bright spot, rising by 0.4% in August and 3.2% over the year, beating expectations. The market reacted to the jobs data with a sharp rally in gold and the US dollar weakening against its major counterparts.
MCX Gold Below 38844 Sell More Gold And Relaxxx
MCX Gold settled down 2.33% at 38894 dropped sharply posting their largest one-day dollar loss in almost three years to settle at a two-week low.