Gold Silver Reports – Gold dropped a little on profit selling today as investors turned their eyes to comments from several Federal Reserve officials. Gold futures consolidated a little yesterday as poor speculative demand capped the metal.
Prices have witnessed a sharp recovery from lows near $1200 per ounce. However, the metal is currently down 0.20% to trade $1231 per ounce. MCX Gold futures are down 0.20% to trade at Rs 28451 per 10 grams. Gold futures jumped on the MCX after testing lows near Rs 27900 mark last week. The counter witnessed a massive surge after breaking above Rs 28000 and ended just above Rs 28500 per 10 grams on Friday.
Meanwhile, large speculators trimmed their net bullish positions in the gold futures markets last week for a second 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 106,038 contracts in the data reported through March 14th.
This was a weekly drop of -27,647 contracts from the previous week. Gold speculative positions have now dropped to the lowest level since February 14th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -123,287 contracts last week. This is a weekly gain of 29,361 contracts. — Neal Bhai Reports