Bullion Market Dips as China Factory Data Improves Street Sentiments

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On Friday gold and silver prices dived on domestic bourses after surveys showed Chinese manufacturing activity held steady in January and services firmed. Factory activity in China stalled in January, with the outbreak of the new virus adding to risks facing the economy despite easing trade tensions, while growth in the services sector activity quickened.

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Gold Market Drops to Session Lows Following Strong Rise in U.S. Consumer Confidence

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The gold price is seeing renewed selling pressure as U.S. consumer confidence pushes higher, significantly beating expectations. Tuesday the U.S. Conference Board said its consumer confidence index for January rose to a reading of 131.6, up compared to December’s revised reading of 128.2. According to consensus forecasts, economists were expecting to see a reading of 128.2.

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Gold Price Today: Bullion Dips as Traders Move to Riskier Assets on Improved Sentiments

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On Tuesday bullion counters slipped as sentiment improved and traders moved towards riskier assets after the United States said it could renegotiate the nuclear deal with Iran. US President Donald Trump is confident that he could still renegotiate the 2015 nuclear deal with Iran, despite the killing of Iran’s senior military commander Qassem Soleimani, White House advisor Kellyanne Conway said on Monday.

Read moreGold Price Today: Bullion Dips as Traders Move to Riskier Assets on Improved Sentiments

Gold Price Today: Precious Metals Slip as Risk Appetite Increases

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On Friday gold and silver ebbed in morning trade as sentiments on the Street improved. Equity indices also continued their rally as they touched new record highs. MCX Gold (Feb) futures were down 0.27 per cent to Rs 38,005 per 10 grams and MCX Silver (Mar) futures shed 0.46 per cent to Rs 44,590 per kg.

Read moreGold Price Today: Precious Metals Slip as Risk Appetite Increases