Choppy Moves In Gold Ahead Of Weekend

COMEX Gold slipped further today amid frail buying support amid worries over Indian demand continue to hurt the metal. However, a rather weary undertone in global equities capped the losses for the commodity after it tested six month lows. The commodity is currently trading at $ 1369.70 per 10 grams, down marginally on the day. MCX Gold futures are currently trading at Rs 30577 per 10 grams, down 0.13% on the day. The local futures have been under sustained stress following the break under Rs 31000 levels. Domestic Gold imports stay weak. Total value of Gold imports in India was Rs 23494 crore, witnessing a drop of 26.45% in May 2018. Asian markets edged lower following weak overnight cues. However, a modest pickup is being witnessed in the European equity markets at the start of the trade and Gold could stay choppy if equities manage to reverse some of the recent losses.