MTECHTIPS:-Gold Remains Locked In Downward Trajectory

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MTECHTIPS:-Gold Remains Locked In Downward Trajectory

MTECHTIPS-Gold futures extended losses today amid a slippery mood in world equities. Stocks dropped in Asia and Europe today after US stocks took another heavy beating last night on worries about rising US interest rates. The Dow Jones industrial average dropped 380 points, finishing down 1.5% on the day and down 4.35 for the month. The Dow is now down 6% from its January 2018 all-time high. The slide for February marked the first time the index dropped after rising for ten straight months. However, Gold has failed to gain much traction on these negative cues from equities and dropped further today. COMEX Gold futures currently trade at $1309 per ounce, down 0.60% on the day. These are the three week lows for the counter. MCX Gold futures also eased sharply and currently trade at Rs 30181 per 10 grams, down 0.65% on the day. COMEX Gold took a tumble earlier this week as investors interpreted the comments from Jerome H. Powell, the new chairman of the Federal Reserve. Powell said in that his expectations for domestic economic growth have increased since the beginning of the year, citing the passage of the $1.5 trillion tax cut and stronger global growth. In testimony before Congress, Powell noted that the Fed planned to continue increasing its benchmark interest rate only gradually. However, his upbeat assessment of the economic conditions triggered a massive correction in Gold and buttressed US dollar

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