Money Market Guru — MCX Gold futures witnessed strong gains in the shortened session yesterday as global prices remained near one month high on weak US dollar and safe haven demand following the blast in a Russia’s St Petersburg.
The unfortunate incident involved a blast in a train carriage on Monday that killed 14 people and wounded 50 has fuelled security concerns around the world, triggering interest in gold seen as a safe investment. COMEX Gold is lingering just under $1260 per ounce right now. MCX Gold futures ended at Rs 28860 per 10 grams, up half a percent on the day in last session.
Large speculators added to their bullish net positions in the gold futures markets last week for the 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 137,820 contracts in the data reported through March 28th. This was a weekly rise of 21,568 contracts from the previous week which had a total of 116,252 net contracts. Gold speculators have now boosted their bullish bets to a four week high. — Money Market Guru