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MTECHTIPS:-MCX Gold Eases In Intraday Moves On Strength In INR

MTECHTIPS:-MCX Gold Eases In Intraday Moves On Strength In INR

Gold stayed supported today amid global economic worries, rising geopolitical tension sand a strong undertone in physical demand from the major importers. Equities stayed in a fix after recent array of gains as traders eyed rising geopolitical worries and US economic data showed a mixed picture. Russian and Syrian airstrikes continued to hit ISIS targets. However, the scenario became intense after another violation of Turkish airspace by Russian planes. COMEX Gold futures extended these gains in Asia and currently trade at$1151 per ounce, up 0.40% on the day. However, the MCX Gold futures are trading at Rs 26625 per 10 grams, almost unchanged on the day after hitting highs near Rs 26800 mark.The Indian Rupee gained impressively today, gaining around half a percent to break under 65 per US dollar mark.The IMF’s latest World Economic Outlook (WEO) foresees lower global growth compared to last year, with modest pickup in advanced economies and a slowing in emerging markets, primarily reflecting weakness in some large emerging economies and oil-exporting countries. Six years after the world economy emerged from its broadest and deepest postwar recession, the holy grail of robust and synchronized global expansion remains elusive,according to Maurice Obstfeld, the IMF Economic Counsellor and Director of the Research Department.Despite considerable differences in country-specific outlooks, the new forecasts mark down expected near-term growth marginally but nearly across the board.Moreover, downside risks to the world economy appear more pronounced than they did just afew months ago. Global real GDP grew at 3.4% last year, and is forecast to grow at only 3.1% this year. 

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