Gold Under $1300 Levels, Trading Searching For Fresh Cues

COMEX Gold is witnessing some buying now as recent losses are being seen as an opportunity to enter long. However, the metal is still holding under $ 1300 per ounce and fund buying is unlikely to return with a vengeance unless prices cross above $ 1300 mark. The equities are rising globally but Gold has found some traction from a rather weak patch in the US dollar. The dollar index has slipped from a near one year high and currently trades just under 94 levels. COMEX Gold is currently trading at $ 1295.10 per ounce, almost unchanged on the day. MCX Gold futures are quoting at Rs 30943 per 10 grams, up 0.13% on the day. MCX Gold has recovered after testing a low of Rs 30881 per 10 grams. The global geopolitical scenario remains unmoved as of now and Gold would need some fresh triggers either from North korea/Iran on the political front or from crude oil prices on the commodities front to keep the momentum going it its favor.