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  • COMEX Gold futures saw a choppy movement today as the metal moved in a narrow range. Global equities also saw a mixed movement despite upbeat global growth estimates. The International Monetary Fund stated that the world economy is set to grow 6% this year and 4.4% next year. The global lender raised the global growth forecasts amid high uncertainty and warned of divergent impacts from the Covid-19 pandemic such as sharply rising income inequality. Gold eased near $1730 per ounce today but edged up as the US dollar index eased near a two week low. The metal currently trades down 0.36% at $1736 per ounce. However, the MCX Gold futures spiked to a high near Rs 46400 per 10 grams as the Indian Rupee slumped. The local futures are currently trading at Rs 46275 per 10 grams, up 0.78% on the day.

    The Indian Rupee tumbled today, extending a recent losing streak as the Reserve Bank of India (RBI), decided to leave the policy repo rate unchanged at 4%. The renewed jump in COVID-19 infections in certain parts of the country and the associated localised lockdowns could dampen the demand for contact-intensive services, restrain growth impulses and prolong the return to normalcy, noted the RBI. The Rupee slumped following these comments and broke beyond 74 per US dollar mark. The INR tested a five-month low of 74.50 per US dollar and ended down around 1 Rupee at 74.47 per US dollar.

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