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      Gold holds above $ 1290 on escalating global worries

      MoM Team / Mumbai, Aug 11, 2017 03:56 PM IST

        Gold holds above $ 1290 on escalating global worries

        Gold is holding around two month highs as global markets slipped ahead of weekend. A continued selloff emerged in stocks as investors continued to pare their riskier positions amid rise in geopolitical tensions between the US and North Korea. COMEX Gold is currently trading at $1293 per ounce, up 0.29 percent on the day. MCX Gold futures are trading at Rs 29235 per 10 grams, up 0.20 percent on the day after surging above Rs 29K in last session.

        Large speculators sharply added to their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 129,672 contracts in the data reported through Tuesday August 1st.

        This was a weekly lift of 38,841 contracts from the previous week which had a total of 90,831 net contracts. The gold speculative position is now at a five week high level. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -143,385 contracts on the week. This was a weekly drop of -40,042 contracts from the total net of -103,343 contracts reported the previous week.

        Gold has managed to hold on quite impressively after weak demand in first half of the year. Weakness in US dollar and a supportive undertone in commodities has helped the metal. The global gold demand in Q2 2017 was 953 tonnes (t), witnessing a drop of 10 percent compared with the same period in 2016, according to the World Gold Council's latest Gold Demand Trends report. The report also stated that there was a 14 percent decline in gold demand for the first half of 2017, which slowed to 2,004t.

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      Source: Capital Market

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