Gold lingers around $1990 mark amid dollar strength

Published on May 02, 2023 17:12

COMEX gold continues to struggle below the psychological $2000 mark on Tuesday awaiting the Federal Reserve policy meeting later this week for further cues on their rate hike stance. COMEX gold is currently seen at $1991.10 an ounce, down marginally on the day. The US dollar index has jumped to a three week high above 102 mark, capping upside movement in commodities. Meanwhile, the large precious metals speculators continued to cut their net long 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 185264 contracts in the data reported through April 25, 2023. This was a weekly drop of 4629 net contracts and pulled down the net speculative longs to four week low.