Gold Hurtles Towards Rs 33000 On MCX
MUMBAI-INDIA (Aug 30) MCX Gold futures are reeling under pressure yet again as a reversal from highs around Rs 35000 per 10-gram levels continues. The global prices have also pulled back form their three-month highs amid dollar strength as worries pertaining to the Syria warfare receded a little. COMEX Gold is quoting at $1401.60, down $11.30 per ounce on the day. MCX Gold futures are trading at Rs 33189, down Rs 461 or 1.37% on the day. Rupee continued to gain, nearing 66.50 per dollar mark and is dragging local commodities down.
Prices slipped towards $1400 per ounce last night after the real gross domestic product (GDP) of the United States expanded at an annual rate of 2.5 percent in the second quarter this year, the best performance since the third quarter of last year, boosted by ongoing recovery of U.S. housing market and household consumption, showed figures from the Commerce Department Thursday. In the first quarter of the year, the U.S. real GDP grew at a meager 1.1 percent, the department said in a report.
The increase in real GDP in the second quarter primarily reflected positive contributions from the critical personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, and residential fixed investment that were partly offset by a negative contribution from federal government spending. The DOW gained on these figures and gold came off its recent highs.
The shiny metal has been on a tear in last few days amid growing speculation the U.S. was moving closer to taking military action against Syria's government. However, the US continues to seek out an international coalition willing to act together on the Syrian crisis and further developments on this front are awaited. UK has already noted that it would not involve in any US-led strikes against Syria.
South African Gold mining companies have tabled their final wage offer to all labour unions within the sector on Tuesday, the Chamber of Mines stated, according to media reports. AngloGold Ashanti, Gold Fields, Rand Uranium, Harmony Gold, Evander Gold, Sibanye Gold, and Village Main Reef were offering a basic increase of 6.5% for category four and five employees, including rock drill operators.
