Indian Commodity Market Live Updates By MarketMagnify

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Gold fell on Thursday once rising nearly one p.c within the previous session, because the dollar strong against the yen associate degreed Asian stocks stayed close to eight-month highs on expectations of an rate of interest cut by the Bank of European country.Investors bet the BoE can cut interest rates for the primary time in additional than seven years to keep at bay recession following Britain's vote to go away the ecu Union.

The financial institution is predicted to fraction its benchmark rate of interest to a record low of 0.25 p.c once it makes a monthly policy statement at 1100 GMT in a while Thursday.Spot gold was down 0.8 p.c at $1,332.33 per ounce by 0639 GMT. It rose concerning 0.9 p.c on weekday, closing at $1,342.45.
Despite our near-term views that gold could correct additional, we tend to believe any losses could also be restricted and additional declines well-bid," HSBC analyst James Steel same in an exceedingly note.

Low interest rates boost the attractiveness of non-interest bearing assets like bullion.Spot gold is biased to retest a support at $1,328 per ounce, a prospect below that might cause a loss to future support at $1,313, per Reuters technical analyst Wang Tao.