COMEX Gold Tanks Near Seven Month Low

COMEX Gold futures extended recent losses and fell near a seven month low, breaking under the $ 1260 per ounce mark. A modest spell of calm was seen in global markets as traders tried to look past the latest global trade spat. European markets are trading in green. Asian equities edged up modestly after recent losses as commodities managed to hold sway and some bargain buying emerged after recent losses. In overnight trades, the US markets tumbled with major indices seeing their biggest one-day drop in weeks as fresh threats from President Donald Trump against US trading partners underlined how the risk of protectionist policies has not left the market. While the equities are trying to come back after the recent pounding, Gold has not been able to find any favors. The technical cues also remain weak and COMEX Gold is currently quoting at $ 1258.10 per ounce, down 0.85% on the day. MCX Gold futures are currently trading at Rs 30500 per 10 grams, sliding 0.51% on the day.