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Gold prices on Monday fell from more than a two-month peak notched in the session earlier, as the dollar climbed against the Japanese yen.

Spot gold dropped 0.2 percent at $1,286.10 an ounce, after hitting its highest since June 7 at $1,291.86 per ounce in the session earlier.

Speculators raised their net long position in COMEX gold for the fourth consecutive week to an almost two-month peak in the week to Aug. 8, according to U.S. Commodity Futures Trading Commission data.

India’s Multi Commodity Exchange (MCX) is set to launch the country’s first gold options contract in September which allows even smaller players in the bullion industry an instrument to hedge their risk, a senior company official told Reuters.

Gold imports from India will likely increase by a third this year to 750 tonnes due to restocking by jewellers and as good monsoon rainfall is seen to raise demand in rural areas, a leading refiner disclosed to Reuters.

The material has been provided by InstaForex Company –

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