Bearish operators tightening grip over gold futures

With rising prices & falling volumes of the metal, US Fed, ECB expected to provide clarity on Friday

As gold prices hover around $1300 per ounce and Rs 29,000 per 10 gram in India, bearish operators are tightening their grip by raising speculative short bids in gold futures. Gold has faced resistance above $1300 last week and since then it fell below that while remaining in the tight range. 

Hopeful of a rise in prices, Indian traders have increased bearish bets with open interest surging to above 11,000 lots from 9,000 in August. Out of these, top 10 long side open positions are 3,691 lots while short positions of top 10 traders are at 6,334 lots. Gold futures are