Mumbai, May 19: Gold dropped 1 percent to around $1,207 an ounce on Wednesday as investors booked profit from recent record levels of near $1,250 an ounce.
Rises in net long positions in New York futures to near their peak also suggested the market was technically overbought. COMEX open interest rose almost 15,000 lots to an all-time high above 600,000 lots as of May 17.
—-Agencies