Gold Off Highs, MCX Futures Hover Around Rs 34900 Per 10 Gram

Soaring global equities pulled COMEX Gold lower after the metal hit one week high near $ 1430 per ounce. However, the broad demand picture remains well supported for the metal after recent break above $ 1400 levels. MCX Gold currently trades at Rs 34900 per 10 grams, up 0.18% on the day after hitting a high of Rs 35145 per 10 grams in intraday moves. World Gold Council (WGC), noted in its latest midyear outlook that while consumer demand may be soft, the speculative activity could amplify price movements in Gold. However, overall, it is likely that investment demand will remain robust and central banks will continue their net purchasing trend. The council noted that financial market uncertainty and accommodative monetary policy will likely support gold investment demand. Price momentum and positioning may fuel rallies and create pullbacks, as investors continuously reassess their expectations based on new information.