COMEX Gold fell under $1200 per ounce and tested a fresh one month low mark. The metal is down 0.12% at $1199.80 per ounce right now as selling pressure stayed in place amid gains in global equities. Stocks recovered amid easing trade tensions and the European markets are showing nice gains with DAX adding 1% and CAC moving up 0.62% on the day. Bargain buying stayed in place after recent losses. German investor confidence improved in November, defying expectations for further weakness, survey data from the ZEW showed on Tuesday. The ZEW Indicator of Economic Sentiment for Germany rose to -24.1 from -24.7 in October, the think tank said.

A massive slide in crude oil is another factor hurting Gold. WTI Crude fell around 2% today to test another multi month low after the producing cartel OPEC yet again trimmed its forecast for 2019 oil demand growth and also cut its global economic growth view. In a latest update, the OPEC stated that world oil demand growth is forecast to grow by 1.29m barrels a day next year, which is around 70,000 b/d lower than last month's prediction.

Meanwhile, the MCX Gold futures extended losses under Rs 31000 per 10 grams and currently trade at Rs 30814 per 10 grams, down 0.60% on the day.

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