Gold futures are trading higher in the early part of Monday’s Asian session as some hedge funds and other speculators are seen increasing their long bets on the yellow metal despite last week’s dismal performance.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery advanced 0.66% to USD1,404.85 per troy ounce in Asian trading Monday. The good start to the week comes after bullion plunged in the first two trading days of last week and finished down 5.4% for the week, good for the fourth weekly slide in a row.
Gold prices were likely to find support at USD1,322.25 a troy ounce, the low from April 16 and a 27-month low and near-term resistance at USD1,425.55, Friday’s high.
Fund managers and other traders raised their net long exposure to gold by 9.8% to 61,579 futures and options in the week ending April, according to data from the U.S. Commodities Futures Trading Commission.
While gold prices have been struggling in the spot market, physical demand remains robust. The China Gold Association said sales jumped on April 15 and 16 while prices slid. The U.S. Mint is on pace to have its best month of gold sales in nearly three years.
Sales also appear strong in India. Ahead of the Akshaya Tritiya festivities, the Bombay Bullion Association forecast Indian gold sales will jump 36% for the three months through June. India is believed to be the world’s largest gold consumer, having accounted for 20% of global gold imports last year. China is the second-largest gold consumer.
Short positions in gold fell 8.2% to 59,742 contracts, according to the CFTC data.
Meanwhile, Comex silver for May delivery gained 0.72% to USD23.125 per ounce while copper for May delivery slipped 0.95% to USD3.119 per ounce. - investing.com
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery advanced 0.66% to USD1,404.85 per troy ounce in Asian trading Monday. The good start to the week comes after bullion plunged in the first two trading days of last week and finished down 5.4% for the week, good for the fourth weekly slide in a row.
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| www.orangecommodities.com |
Gold prices were likely to find support at USD1,322.25 a troy ounce, the low from April 16 and a 27-month low and near-term resistance at USD1,425.55, Friday’s high.
Fund managers and other traders raised their net long exposure to gold by 9.8% to 61,579 futures and options in the week ending April, according to data from the U.S. Commodities Futures Trading Commission.
While gold prices have been struggling in the spot market, physical demand remains robust. The China Gold Association said sales jumped on April 15 and 16 while prices slid. The U.S. Mint is on pace to have its best month of gold sales in nearly three years.
Sales also appear strong in India. Ahead of the Akshaya Tritiya festivities, the Bombay Bullion Association forecast Indian gold sales will jump 36% for the three months through June. India is believed to be the world’s largest gold consumer, having accounted for 20% of global gold imports last year. China is the second-largest gold consumer.
Short positions in gold fell 8.2% to 59,742 contracts, according to the CFTC data.
Meanwhile, Comex silver for May delivery gained 0.72% to USD23.125 per ounce while copper for May delivery slipped 0.95% to USD3.119 per ounce. - investing.com
This is an excellent article. I always like to read such articles. With this fall in gold prices the demand has increased in India & other region. Thanks for this post, keep share such information.
ReplyDeleteThanks
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