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Gold tries to recover after Freak Selloff

Gold fell further in the last session as a lack of fund buying and strong selling pressure after breaking below the $ 1,800 mark hurt the metal. Major precious metals speculators reduced their net long positions in the gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). Gold futures non-commercial futures contracts traded by large speculators and hedge funds had a net position of 196,335 contracts on the data reported through August 2, 2021. This was a weekly decrease of 3,053 net contracts and decreased net long positions from seven week high. A freaky drop below USD 1700 an ounce was also seen in the commodity, and prices in US trade were at their lowest level by around four months, losing around 1.8%. There were some buying in the metal today and the meter is currently trading at 0.59% at $ 1836 an ounce. MCX Gold ended at 45,948 rupees per 10 grams, down 1.48% from the day.

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