Weekly Gold Review: Seen Struggling After Breaking Below $1300 Mark

COMEX Gold was mixed as frail buying support and worries over Indian demand continue to weigh on the metal. Prices have been dull after the commodity tested its six month lows under $ 1270 per ounce. Domestic Gold imports stay weak. According to a latest update from the Reserve Bank Of India (RBI), the 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. Strength in US dollar clubbed with break under $ 1300 per ounce has been a major factor behind the recent tumble in the yellow metal. MCX Gold futures have also endured heavy losses after breaking under Rs 31000 per 10 gram mark.