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Multi Commodity Exchange of India Ltd (MCX)

Headquartered in Mumbai,

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Gold Unlikely To Glitter On Diwali, COMEX Futures At Three Month Low

MCX Gold futures are expected to witness dull moves in the Muhurat trading session today. The yellow metal is lingering around its three month low as worries over global economic growth and continued strength in the US dollar are hurting the metal. A further sharp downturn in emerging market economies and world trade has weakened global growth to around 2.9% this year – well below the long-run average – and is a source of uncertainty for near-term prospects, stated the OECD earlier this week.

In its latest twice-yearly Economic Outlook, the OECD projects a gradual strengthening of global growth in 2016 and 2017 to an annual 3.3% and 3.6% respectively. But a clear pick-up in activity requires a smooth rebalancing of activity in China and more robust investment in advanced economies. Such a tepid outlook for the global economy can cap the retail Gold demand and even the speculative activity is not giving upbeat cues. COMEX Gold is quoting at $1088 per ounce, down 0.05% on the day. MCX Gold futures rebounded from a low around Rs 25500 levels yesterday and closed just above Rs 25580 mark. Dips can bring in some buying in the counter today though lax physical demand can cap the upside on Diwali Day.


MCX offers more than 40 commodities across various segments such as bullion, ferrous and non-ferrous metals, energy, weather and a number of agri-commodities on its platform.

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