Meanwhile, US stocks rose in a thinly traded session yesterday 6 with the Nasdaq hitting its latest in a series of records as the market's recent upward bias continued, helped by a gain in technology shares. Supportive momentum in equities can cap gains for Gold. The metal is currently trading at $1142.70 per ounce, up marginally on the day right now.
MCX Gold February futures closed with a gain of about half a percent at Rs 27,160 per 10 grams yesterday. The counter came off high above Rs 27,400 per 10 grams.
Meanwhile, large speculators and traders continued to trim their net positions in the gold futures markets last week for the sixth 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 114,834 contracts in the data reported through December 20th. This was a weekly change of -14,477 contracts from the previous week which had a total of 129,311 net contracts.
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -134,022 contracts last week. This is a weekly rise of 15,864 contracts.
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