Wednesday, 21 October 2015

MCX GOLD MARKET UPDATE

Gold settled up 0.39% at 27112 rallied on Tuesday amid a slightly weaker dollar, one session after tumbling nearly 1% following indications from China that could expand this year at its lowest rate in more than a decade. Metal traders continued to digest weak economic data from China on Monday when the NBS reported that Chinese GDP grew by 6.9% in the third quarter, marking the slowest three-month period of growth since the height of the Financial Crisis.

Trading Ideas:
Gold trading range for the day is 26795-27349.
Gold rose as the dollar slipped after solid European lending data boosted the euro ahead of a central bank meeting.
Quarterly lending data from the European Central Bank showed euro zone banks loosened their lending standards more than expected over the last few months.
The data added credibility to remarks from ECB’s Christian Noyer that no adjustment was needed in the bank's quantitative easing programme.


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