Gold eased further today as a drop from about two month highs extended. Traders are eying the weekend and taking some money off the table after the sharp array of gains in the metal this week.
The counter is quoting at $ 1,242.75 per ounce, down 0.4 percent on the day. MCX Gold futures are also down 0.2 percent at Rs 28,739 per 10 grams. Worries over poor speculative demand seem to be weighing on the metal.
Large speculators trimmed their net bullish positions in the gold futures markets last week for a second consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
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