Gold stayed under constant pressure yesterday though a slight moderation in US stocks triggered some buying in the metal. US stocks backed off after recent string of gains. Stocks finished modestly lower after seeing strength for much of the trading session. COMEX Gold futures are trading around $1268 per ounce, up 0.32% on the day. The metal has endured heavy losses after dropping from near six month highs. MCX Gold futures ended around Rs 28760 per 10 grams yesterday, recording modest losses on the day.
Indian Rupee has gained sharply on the back of solid jump in local equities. The Indian rupee neared 64 levels, hitting fresh 24-month high against the US dollar. The local currency has extended a broad pullback in tune with soaring local equities and upbeat economic momentum. Key benchmark indices logged strong gains in sync with upbeat global equities. The Sensex and Nifty hit record highs yesterday.
Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18- Series I. Applications for the bond will be accepted from April 24, 2017 to April 28, 2017. The Bonds will be issued on May 12, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.
Meanwhile, the large speculators and traders increased their net positions in the gold futures markets last week for a fifth consecutive week and to the highest level in about six months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on last Friday. The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 195,768 contracts in the data reported through April 18th. This was a weekly gain of 23,102 contracts from the previous week.
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