COMEX gold futures are holding onto gains after breaking above $3400 per ounce as weakness in the US dollar is keeping overall sentiments supported. Market is focussing on increasing possibility of a near term rate cut in the US. The yellow metal hit around 2-week high and is currently quoting at $3423 an ounce, up 0.18% on the day. Meanwhile, precious metals speculators sharply cut their net long position in the Gold futures, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators, hedge funds and retailers, totaled a net position of 212590 contracts in the data reported through August 19, 2025, recording a slump of 16895 contracts from the previous week. The net longs are now at one-month low. On the MCX, Gold futures are trading at Rs 100943 per 10 grams, up 0.32% on the day after hitting Rs 101090 per 10 grams.
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