EPIC RESEARCH MCX GOLD UPDATE OF 6 AUGUST 2018

Gold trading range for the day is 29421-29885. Gold bounced after weak U.S. jobs data pushed the dollar lower and a Chinese central bank move lifted its currency. Data showed U.S. job growth slowed more than expected in July, likely due to companies’ struggles to find qualified workers. China’s offshore yuan also reversed, rising sharply after the forward foreign exchange risk reserve requirement ratio was hiked to 20 pct from zero.

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