CAPITALSTARS MCX COMMODITY GOLD NEWS UPDATE : :11 OCTOBER 2019
Precious Metals Preview: Gold
Slides Near $1500 Levels On Easing Trade Concerns
COMEX Gold took a sharp
tumble, falling more than 1% in intraday moves on easing trade tensions. The US
President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu
He as part of high-level U.S.-China trade talks. The yellow metal currently
trades at $1500 per ounce, down marginally on the day. MCX Gold closed at Rs
38155 per 10 grams, down 0.89% on the day.
Selling is visible on higher
levels for Gold in the last few days. The large precious metals speculators sharply
trimmed their bullish net positions in the Gold futures markets this week after
having previously pushed positions to an around three-year high, according to the latest Commitment of Traders (COT) data released by the Commodity Futures
Trading Commission (CFTC) last Friday. The non-commercial futures contracts
of Gold futures, traded by large speculators and hedge funds, totaled a net
position of 268,993 contracts in the data reported through Tuesday, October 1st.
This was a weekly change of -43,451 net contracts.
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