Gold Seen Under Pressure Ahead Of Weekend

COMEX Gold slipped under the key $ 1300 per ounce levels amid continued choppy moves as buying is limited for the metal around the present levels. Uncertain global trade scenario and wobbly crude oil prices are keeping the undertone mixed for Gold and selling is emerging on every rally for the metal. The commodity currently trades at $ 1298 per ounce, down 0.14% on the day. MCX August Gold futures are currently trading at Rs 31070 per 10 grams, down 0.56% on the day. Indian demand remains lax and it seems that the upside is limited for the metal in near term. Today being a Friday can bring some more follow up selling for the metal ahead of the weekend, particularly if $ 1300 level is not overcome in intraday moves.