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As on: Dec 17, 2018 12:41 PM
Gold Holds Gains Ahead Of Nonfarm Payrolls
07-Dec-18   17:33 Hrs IST

COMEX Gold futures are holding just below six week high ahead of the critical US nonfarm payrolls data for November. The metal has been rising this week though some stability in equities after recent turmoil is capping the gains for the commodity now. COMEX Gold currently trades at $1246.60 per ounce, up 0.24% on the day. MCX Gold futures are currently trading at Rs 31177 per 10 grams, up 0.28% on the day, extending their recent break above Rs 31000 levels. The US dollar index is supported ahead of the jobs data, currently quoting at 96.78, up marginally on the day.

Meanwhile, large precious metals speculators trimmed 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). The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 1,871 contracts in the data reported through Tuesday November 27th. This was a weekly slide of -7,025 net contracts from the previous week which had a total of 8,896 net contracts.

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