Weekly Gold Review: COMEX Futures Slip Near Three Week Low

Gold continued to slip amid broad selling pressure as worries over Indian demand weighed on the mood. The metal broke under $ 1500 per ounce and tested a three week low near $ 1490 per ounce on improvement in US-China trade climate. The US President Donald Trump announced that the two economic superpowers have reached a very substantial phase one trade deal which includes up to $ 40 to $ 50 billion in Chinese purchases of US agricultural products as well as Chinese concessions on intellectual property and financial services. Meanwhile, the World Gold Council (WGC) said in a latest update that holding in global, gold-backed exchange traded products surpassed its 2012 levels and hit an all-time high in September. The report said that ETF holding increased by 75.2 tonnes in September to a total of 2,808. The slide in global Gold prices also pulled MCX Gold futures lower. The benchmark MCX Gold futures for December slipped after testing highs around Rs 38500 per 10 grams and ended around Rs 37870 per 10 grams.