Precious Metals Preview: MCX Gold Ends Flat, Overall Mood Choppy

COMEX Gold broke into positive territory yesterday as a correction in Bitcoin values and bargain buying lifted the metal after its recent slide though the overall mood was cautious. 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 $ 1292 per ounce, flat on the day. MCX Gold futures ended almost unchanged at Rs 31108 per 10 grams in a choppy session. Worries over domestic demand remain in place. Indias Gold imports stood at Rs 16930.91 crore in April 2018, recording a slide of nearly 32% over year.