Commodity, Equity Outlook: COMEX Gold rises to 3-Month High
October 16, 2018
COMEX Gold edged up above USD 1230/ounce on sustained safe haven demand. COMEX is the primary futures & options (F&O) market for trading metals including gold, silver, copper and aluminum.
Growing US interest rates, global growth issues are of growing concern, internationally. A rising dispute between the United States and Saudi Arabia over the vanishing of a prominent Saudi journalist also weighed on the general sentiment of markets.
COMEX Gold futures are at present trading at USD 1234.80 per ounce, up 1 percent on the day as the counter advanced for a third session. MCX Gold futures are also pick up momentum from these moves and currently trade at Rs 32,177 per 10 grams, up 1 percent on the day.
Equity Markets: The domestic stock market in the meantime started on positive note on Tuesday. During morning hours, BSE Sensex rises over 243 points, while the NSE Nifty50 trades above 10,576, up 63 points.
Rupee: The domestic currency opened marginally lower against the USD amid mixed cues from Asian currencies. The rupee was last trading at 73.88 per dollar, down 0.09% from its previous close of 73.82.