MCX Gold Sustains Losses After Failing To Break Above Rs 31K

COMEX Gold stayed slippery but witnessed some buying amid a plunge in global stocks. Major indices across the globe were impacted by Italys political crisis and fresh fears of a trade war between US and China. The prospect that Italy might need a fresh election that could effectively become a referendum on the nations inclusion in the euro zone has been hurting investor sentiments. The COMEX Gold futures are trading at $ 1298 per ounce, almost unchanged on the day. MCX Gold futures witnessed some heavy losses though as the approaching expiry on 5th June weighed on the sentiments. Local futures are still down 0.73% at Rs 30959 per 10 grams. Prices sustained losses in afternoon trades after a failed attempt to break above the key Rs 31000 levels.