Lack Of Speculative Interest Hits Gold http://www.commodityjackpotcall.com/ 9811301862

Continued demand worries and lack of speculative buying hit gold futures today after asharp surge in the prices last week. The yellow metal recovered from its four month lowslast week and jumped along with equities as the FOMC statement removed the word“patient” regarding when to decide to raise interest rates. However, thestatement also pointed out some weaker US economic data recently, indicating that the Fedmay not be able to raise interest rates as soon as it would have liked. While gold edgedup afterwards, the start of a new week has triggered a familiar bout of nervousness forgold traders. The COMEX Gold futures are quoting at $1182 per ounce, down $2.60 per ounceon the day. MCX Gold futures are trading at Rs 26105 per 10 grams on the day, down Rs 77per 10 grams on the day.
Gold managed to extend the Fed induced gains amid good follow up buying last week. Theglobal economic recovery remains fragile because of significant risks, according toChristine Lagarde, Managing Director, International Monetary Fund, stated media reports.One such risk emanates from the expected tightening of US monetary policy at a time whenmost other countries are easing monetary conditions. If not well managed, thisasynchronous monetary policy may trigger excessive volatility in global financial markets.
Another risk is the strengthening US dollar and its possible impact on emerging marketeconomies. These countries could be vulnerable because many of their banks and companieshave sharply increased their borrowing in dollars over the past five years. A further riskis a prolonged period of low growth and low inflation in Japan and in the Euro Area –although we are beginning to see signs of an improvement in activity and inflationexpectations in the Euro Area.
Gold speculators and large futures traders continued to trim their gold bullish betslast week as gold positions fell for a seventh consecutive week, according to the latestCommitment of Traders (COT) data released by the Commodity Futures Trading Commission(CFTC) on Friday. The non-commercial futures contracts of Comex gold futures, traded bylarge speculators and hedge funds, totaled a net position of +53,093 contracts in the datareported through March 17th. This was a weekly change of -28,799 contracts. The overallgold speculative longs are now at their lowest standing since January 21st 2014.