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Pre Session Commentary
Precious Metals Preview: Gold In Rangebound Mode
03-Dec-19   09:17 Hrs IST

COMEX Gold futures stayed supported amid a heavy correction in equities. Escalating global trade worries pulled DOW back by 1%, keeping Gold afloat and the commodity currently trades at $1467 per ounce, down 0.13% on the day. MCX Gold futures are trading at Rs 37950 per 10 grams, down marginally on the day. Traders are focusing on the near term demand scenario in India as Gold Hallmarking will be made mandatory across the nation from 15 January 2020. A period of one year will be given for implementation to ensure that new A&H centres will be set up by private entrepreneurs at locations where demand of Gold Jewellery and artefacts arises; completion of the registration process of jewellers and one year time for retailers of jewellery to clear their existing stocks. The Minister said that hallmarking will benefit the poor people in villages and small towns who are not able to make out the purity of gold they have been buying.

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