Gold Flips Under $1300 Levels, Demand Weak

COMEX Gold extended losses today as global equities stayed supported following the historical joint agreement signed by the US president Donald Trump and North Korean leader Kim Jong Un in Singapore. President Trump and Kim conducted a comprehensive, in-depth, and sincere exchange of opinions on the issues related to the establishment of new US-DPRK relations and the building of a lasting and robust peace regime on the Korean Peninsula. President Trump committed to provide security guarantees to the DPRK, and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula. This hurt the safe haven demand for Gold. A generally mute undertone in commodities like crude oil and copper also weighed on sentiments and COMEX Gold futures are currently trading at $ 1299 per ounce, down 0.34% on the day. MCX Gold futures are trading at Rs 31113 per 10 grams, down 0.33% on the day.