Gold Breaks Into Positive Territory

COMEX Gold broke into positive territory in late Asian trades today as a correction in Bitcoin values and bargain buying lifted the metal after its recent slide. The commodity has tested a five month low before edging up though a lot would depend upon how equities behave in near term. COMEX Gold needs to break above $ 1300 for a sustained upmove as fund buying is unlikely to kick in given the current price environment for the yellow metal. COMEX Gold is currently trading at $ 1293.50 per ounce, up 0.20% on the day. MCX Gold futures are currently trading at Rs 31114 per 10 grams, up marginally on the day. Bitcoin futures are trading down 1.30% at $ 8300 per US dollar.