Home / TIPS / MTECHTIPS:- Gold Steady, Silver Hits Six Week Highs

MTECHTIPS:- Gold Steady, Silver Hits Six Week Highs

COMEX Gold futures ended nearly unaltered yesterday as massive gains in US stock speed gains. Global equities surged around 1.5% – 2% on the day. DOW soared 300 points or 1.84% following continued buying after the latest nonfarm payrolls as traders reassessed their stance about the probable Fed interest rate hike. COMEX Gold soared following this,adding around 2% on Friday but witnessed upside pressure Monday amid all around gains inequities. The commodity continues to trade in a choppy manner today, hovering just under$1140 per ounce mark. MCX Gold futures for December ended just under Rs 26400 per 10 grams mark yesterday. COMEX Silver also soared to six week highs above $16.60 per ounce yesterday. MCX Silver futures ended above Rs 36700 per kg mark following this. Gold speculator and large futures traders increased their gold bullish positions higher last week for a second consecutive week and to the highest level since June, according to the latest Commitment of Traders (COT) data released by the Commodity Futures TradingCommission (CFTC) on Friday. The non-commercial futures contracts of Comex gold futures,traded by large speculators and hedge funds, totaled a net position of +76,645 contracts in the data reported through September 29th. This was a weekly change of +15,520 contracts from the previous week’s total of +61,125 net contracts that was registered on September 22nd. The rise in the weekly net speculator positions (+15,520 net contracts) was due to a small gain in the weekly bullish positions by +712 contracts which combined with a large decrease in the weekly bearish positions by -14,808 contracts. The net speculatorcontracts are now at the highest bullish position since June 23rd when net 

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