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Gold sees modest buying support
13-Nov-19   09:18 Hrs IST

COMEX Gold futures saw some buying around three month low as worries over the US-China trade progress supported the metal. Prices have tanked in last few sessions amid profit selling pressure following the recent slide under $1500 per ounce mark. The firm undertone in US dollar also weighed on the market. The COMEX Gold futures are trading at $1458 per ounce, up 0.34% on the day.

The metal continued to see some buying around $1450 per ounce as uncertainty about a potential US-China trade deal and worsening tensions in Hong Kong triggered some buying. Broad worries over Indian demand remained in place given the frail macroeconomic growth trend. State Bank of India's economic research team, in the latest edition of 'EcoWrap' has sharply cut India's Gross Domestic Product (GDP) forecast for FY2020 to 5% from 6.1% following synchronized global slowdown and an alarming contraction in the index of industrial production (IIP) for September.

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