MCX Morning Wrap: Excellent rebound in precious metals after tumble in last session

MCX Gold futures have zoomed higher in tune with global cues. The counter had lost more than 3% in last session but rose today as weakness in equities globally capped losses in the bullion counters. The major US indices Nasdaq and the S&P 500 dropped to their lowest closing levels since early last September in last session. This is bringing a good recovery in precious metals. MCX Gold is up 1.90% at Rs 145212 per 10 grams. The counter had opened on a firm note and saw good support around Rs 144000 per 10 grams in first two hours of trade. MCX Silver also soared around 3% to trade at Rs 226270 per kg after losing more than 6% in last session.

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