Gold Tests Five Month Low, MCX Futures Slip Under Rs 31K

Gold slumped heavily yesterday, testing around five month low near $ 1300 per ounce as selling extended on continued gains in US dollar and Bitcoin. Large precious metals speculators trimmed their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 136,646 contracts in the data reported through Tuesday April 24th. This was a weekly fall of -26,423 contracts. Speculative bets for gold have now fallen for three out of the past four weeks and the overall gold position is currently at the lowest level since December 26th 2017. COMEX Gold is currently trading at $ 1311 per ounce, up 0.30% on the day. MCX Gold futures are up marginally by 0.17% to trade at Rs 30981 per 10 grams after not being able to hold above Rs 31000 levels. US dollar index is also lingering above 92 levels – its highest mark in five months. Traders are eyeing the US Fed decision later on tonight.