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Gold Sees Bargain Buying In Asia

Published on Aug 10, 2021 11:46

Gold slumped further in last session as lack of fund buying and heavy selling pressure following the break under $1800 mark hurt the metal. Large precious metals speculators 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 196335 contracts in the data reported through August 2 2021. This was a weekly fall of 3053 net contracts and pulled net longs down from seven week high. A freak drop under $1700 per ounce was also seen in the commodity and prices hovered around four month low mark in the US trades, losing around 1.8%. Some buying emerged in the metal today and the counter currently trades up 0.59% at $1836 per ounce.

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