Gold needs to clear this hurdle for sentiment revival, shows chart

The MCX Gold October futures need to overcome the resistance at Rs 59,930, for fresh buying to emerge, indicates technical chart.

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Rex Cano Mumbai

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The downgrade of the US credit rating by Fitch has brought the focus back on investments in safe-haven assets such as Gold. The Fitch on Tuesday downgraded the US credit rating by a notch to 'AA+' from 'AAA'.

On Wednesday, MCX Gold and Silver futures logged smart gains in intra-day deals, but eventually the rally fizzled out. The 
MCX Gold October futures rallied 0.7 per cent to a high of Rs 59,811, but finally ended with a modest gain of 0.1 per cent at Rs 59,471 on Wednesday. Whereas, Silver futures gained 1.2 per cent in intra-day deals, but ended 1.3 per cent lower at Rs 72,960.

Analysts say that the rating downgrade, reflects heightened concerns over the stability of global

First Published: Aug 03 2023 | 10:19 AM IST

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