Gold Almost Unchanged, Stress Visible On The Counter

COMEX Gold stayed mixed today as frail buying support and worries over Indian demand continue to hurt the metal. Prices have been dull after the commodity tested its six month lows. The commodity is currently trading at $ 1370 per 10 grams, down marginally on the day. MCX Gold futures are currently trading at Rs 30593 per 10 grams, down nominally 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.

Traders would be looking at the release of the weekly Commitment of Traders (COT) data today. Large precious metals speculators added to their bullish net positions in the Gold futures markets last week, according to the latest COT data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 120,240 contracts in the data reported through Tuesday June 12th. This was a weekly rise of 8,824 contracts.