COMEX gold futures saw their trading thin as traders focused on the year-end vacation and concerns about the new Covid-19 strain remained in place. The commodity also observed a weak mixed move in the US dollar. However, global ETF purchases appear to be stabilizing and local retail demand is also expected to see some uptick, with spot prices remaining around Rs 50,000 per 10 grams. The current trend of contraction in the total number of active cases in India continues. The country’s active caseload now stands at 289,240. The share of active cases in total positive cases has further decreased to 2.86%. This should also benefit the demand for spot gold. COMEX gold futures are currently listed at $ 1,867 an ounce, down 0.16% on the day. MCX gold futures are trading at Rs 49,900 per 10 grams, down 0.36% on the day after testing lows below Rs 49,700 per 10 grams.
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