MCX TIPS---GOLD MARKET UPDATE BY MARKETMAGNIFY

Gold settled down -2.58% at 26740 ended lower amid easing anxiety of a possible stock market meltdown after China cut its benchmark interest rates to boost a faltering economy. The move encouraged investors back to equities with some bargain hunting evident in the process. The Chines decision to lower interest rates helped bring stability to global equity markets and as well bolstered the U.S. dollar, following yesterday's massive declines in global equity markets over fears focused on the economic doldrums in China. The Chinese authorities lowered interest rates overnight, hoping to jump start what was the world's fastest growing global economy.
Gold trading range for the day is 26233-27599.

Gold fell after an interest rate cut from China helped global markets rebound from the previous day's rout, with stocks rallying and the dollar also gaining.

Bullion extended losses after data showed US CCI hit a 7 month high in August, suggested strength in the economy that could still allow the Fed to raise rates this year.

Pressure also seen as global markets found some respite after the previous day's rout, with stocks markets rising and the dollar rebounded.

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