Gold Likely To Be In Good Mood
09 Oct 2017
MCX Gold should be in a good mood today. The government suspended GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. This is expected to lift the sentiments at the start of the week. Global cues are also supported as COMEX Gold extended recovery from two month low amid good bargain buying to close around $1280 per ounce levels. MCX Gold futures closed up 0.66% at Rs 29580 per 10 grams in last session.The US job market slowed significantly in September, as Hurricanes Harvey and Irma hurt the southern states. The keenly eyed US nonfarm employment fell by 33,000 last month, following a revised gain of 169,000 in August, the Department of Labor data showed. September was the first negative reading on payrolls in seven years. Hiring is expected to rebound though as the states of Texas and Florida resume cleanup efforts. The jobless rate dropped to 4.2% even as workforce participation rose- lingering around highest in 17 years. Signs of wage inflation were present last month as average hourly earnings rose at a faster 0.5% on month and 2.9% annually.
European markets were mostly cautious amid continuing concerns about the stand-off between the Spanish government and Catalonia’s independence promoters. Meanwhile, the US dollar index slipped from its seven week high close to 94 levels and provided enough buying impetus for Gold, which has shown some nervous moves recently.
09 Oct 2017
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MCX Gold should be in a good mood today. The government suspended GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. This is expected to lift the sentiments at the start of the week. Global cues are also supported as COMEX Gold extended recovery from two month low amid good bargain buying to close around $1280 per ounce levels. MCX Gold futures closed up 0.66% at Rs 29580 per 10 grams in last session.The US job market slowed significantly in September, as Hurricanes Harvey and Irma hurt the southern states. The keenly eyed US nonfarm employment fell by 33,000 last month, following a revised gain of 169,000 in August, the Department of Labor data showed. September was the first negative reading on payrolls in seven years. Hiring is expected to rebound though as the states of Texas and Florida resume cleanup efforts. The jobless rate dropped to 4.2% even as workforce participation rose- lingering around highest in 17 years. Signs of wage inflation were present last month as average hourly earnings rose at a faster 0.5% on month and 2.9% annually.
European markets were mostly cautious amid continuing concerns about the stand-off between the Spanish government and Catalonia’s independence promoters. Meanwhile, the US dollar index slipped from its seven week high close to 94 levels and provided enough buying impetus for Gold, which has shown some nervous moves recently.
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