MTECHTIPS;-Gold Gains On Global Trade War Fears

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MTECHTIPS;-Gold Gains On Global Trade War Fears

MTECHTIPS-COMEX Gold futures recorded handsome gains yesterday on global trade war fears. The metal is currently holding flat around $1335 per ounce. Weak US dollar is also supporting Gold. The undertone in world markets is likely to be weary in near term. The International Monetary Fund’s spokesperson, said on Friday that the US import tariffs on steel and aluminum cause damage to both the United States and its trading partners. US President Donald Trump had imposed 25% tariff on imported steel and 10% on imported aluminum. MCX Gold futures closed at Rs 30584 per 10 grams, up 0.76% on the day. On the economic front yesterday, new orders for US manufactured goods slumped by slightly more than expected in the month of January, according to a report released by the Commerce Department on Tuesday. The Commerce Department said factory orders tumbled by 1.4% in January after jumping by an upwardly revised 1.8% in December. Consumer price inflation in the OECD area slowed for the second straight month in January, though marginally. Annual Inflation eased to 2.2% in January from 2.3% in December