MTECHTIPS:-MCX Gold Soars Well Above Rs 30000 Levels

MTECHTIPS:-MCX Gold Soars Well Above Rs 30000 Levels

MTECHTIPS-MCX Gold futures spiked well above Rs 30000 per 10 grams as global Gold prices soared after media reports stated that North Korea successfully tested hydrogen bomb whose explosive power goes up to hundreds of kilotons. This boosted sentiments for Gold and COMEX Gold tested one year high near $1345 per ounce. MCX Gold futures closed at Rs 30095 per 10 grams, up 0.91% on the day after hitting a high near Rs 30270 levels. COMEX Gold has soared after successfully breaching the key $1300 per ounce level as weak US dollar, continued geopolitical worries and sound speculative demand boosted the yellow metal. Large precious metal speculators continued to increase their bullish net positions in the gold futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of gold futures, traded by large speculators and hedge funds, totaled a net position of 231,047 contracts in the data reported through Tuesday August 29th. This was a weekly gain of 22,609 contracts. The speculative bets have sharply gained for six straight weeks and are at their highest position since October 2016

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