EPIC RESEARCH MCX Gold UPDATE OF 1 August 2018

Posted by Commodity Updates by Epic Research on 12:06:00 with No comments

Gold trading range for the day is 29617-30069.

Gold dropped as a stronger dollar and rising U.S. interest rates continue to weigh, pushing speculators to hold record short or sell positions.

The U.S. Federal Reserve begins its two-day monetary policy meeting; the central bank is largely expected to stand pat on monetary policy.

The U.S. central bank has raised benchmark lending rates twice this year and markets expected two more hikes by the end of 2018.

Hedge funds and money managers increased their net short position in COMEX gold contracts to their highest since 2006, in the week to July 24, CFTC data showed.

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