Gold Stays Lower, MCX Futures Linger Just Above Rs 39400 Per 10 Grams

COMEX Gold futures eased today as supportive global equities capped buying in the commodity after recent spurt. The yellow metal has been sliding after falling under $ 1600 per ounce mark. Sentiments remained supportive for global stocks amid continued optimism about impact of the phase one US-China trade deal due to be signed later this week. The Nasdaq and the S&P 500 ended the session at new record closing highs. COMEX Gold futures are currently trading at $ 1546 per ounce, down 0.31% on the day. The metal saw some support around its two week low level. MCX Gold futures are also in red, currently lingering at Rs 39436 per 10 grams, down 0.30% on the day. Local bullion traders are worried about the retail demand following recent surge above Rs 40K in spot prices.