MTECHTIPS;-Gold Around Two Week High Near $1150 Mark

MTECHTIPS;-Gold Around Two Week High Near $1150 Mark

MTECHTIPS- Gold is gaining amid a corrective spell in global equities. Asian stock markets are mostly in red on Thursday after Wall Street closed lower overnight on profit taking. DOW dropped more than 100 points as the end of the year drew closer. US dollar index is also off its 15 year highs and quotes down 0.26% on the day, slipping just below 103 levels. COMEX Gold is hovering around $1150 per ounce levels – its two week top, witnessing continued buying support after testing 11 month lows over last few days. MCX Gold futures should spurt in early moves following this. The counter hit highs above Rs 27400 per 10 grams yesterday and ended with a gain of 0.45%, closing at Rs 27160 per 10 grams. Meanwhile, large speculators and traders continued to trim their net positions in the gold futures markets last week for the sixth consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 114,834 contracts in the data reported through December 20th. This was a weekly change of -14,477 contracts from the previous week which had a total of 129,311 net contracts. The commercial traders position, categorized by the CFTC as hedgers or traders

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