Precious Metals Preview: COMEX Gold Lingers Around $1300 Levels

COMEX Gold stayed mostly weak on poor demand and slipped under $ 1300 per ounce in Asian trades. COMEX Gold gave up some of its recent gains this week after US President Donald Trump said a US team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering it again. Overall spec demand remains weak too. Large precious metals speculators continued to trim 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) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 90,957 contracts in the data reported through Tuesday May 22nd. This was a weekly drop of -1,486 contracts. Speculators have been cutting their gold positions sharply over the past few months. Gold long positions have now declined for four out of the past five weeks and their level currently stands at lowest in around ten months. MCX Gold futures for June ended down 0.55% at Rs 30865 per 10 grams. However, the focus has shifted to the August contract now.