CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : : 30 August 2019 ~ commodity expert

Precious Metals Preview: MCX Gold Ends Down 1%

Gold eased as US stocks rallied yesterday on indications that China is seeking to de-escalate the trade war with the US. DOW jumped 1.3% and COMEX Gold pulled back like a slide under $1550 levels extended. The commodity currently trades at $1533 per ounce, down 0.23% on the day. MCX Copper futures ended down 1% at Rs 38800 per 10 grams and should see a further decline today. Gold has been in awesome form recently on strong buying. Large precious metals speculators continued to add to their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 299,993 contracts in the data reported through Tuesday, August 20th. This was a weekly gain of 9,903 net contracts from the previous week which had a total of 290,090 net contracts.

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