Refined gold prices gained during last night. Levels of INR 28,065 per 10 grams was noticed during the closing, with an uptick of 0.6 percent.
The prices also surpassed INR 28,000 per 10 grams which means that further appreciation will remain active.
Money Managers remained inclined to increase short positions in Gold as per latest Commitment of Traders (CoT) report. The report released for the week ending 3 Jan 2017 mentioned that the Money Managers decreased long positions for Gold while a simultaneous build up of long positions was noted.
The long positions were 127786 per 100 troy ounce, down 2809. Short positions of Gold were up 4000 per 100 troy ounces, at 91229 for the week ending 3 January 2017.
Meanwhile, Merchants increased their long positions by 1221 to 24,768 per 100 troy ounces. Short positions were almost static at 97997 per 100 troy ounces, up 3 on 3 Jan 2017 from 97994 per 100 troy ounces.
Gold in domestic markets were silent in the mid day trades. The prices of February expiry contract was at Rs 27,884 per 10 grams.
Resistance of Rs 28,000 per 10 grams is critical for Gold for coming days. On the lower side, Rs 27,600 per 10 grams are the supports.
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