Precious Metals Preview: Gold Stays On Weak Footing

Worries about Indian Gold demand and a gradually improving global geopolitical scenario weighed on Gold. The COMEX Gold futures slipped under $ 1300 per ounce as a moderate rally earlier this week failed to extend further. Reserve Bank of India noted in its latest policy briefing that Indias exports grew in April 2018 after a marginal dip in the preceding month, supported mainly by non-oil exports, particularly engineering goods and chemicals. Import growth decelerated sequentially in April 2018; a significant decline in imports of gold as well as pearl and precious stones more than offset the impact of rising crude oil prices. The countrys gold imports in the first five months of 2018 fell nearly 40% from a year ago to 274.2 tonnes, data compiled by GFMS showed, according to media reports. COMEX Gold futures are currently trading at $ 1295 per ounce, down 0.18% on the day. MCX Gold futures ended at Rs 30850 per 10 grams, down 0.70% on the day. Meanwhile, the planned summit between US President Donald Trump and North Korean leader Kim Jong Un will be on Singapores southern island of Sentosa, the White House said on Tuesday as preparations accelerated for next weeks event.