COMEX gold continues to lose momentum in early Asia on Wednesday amid hopes of easing trade war tensions and improving risk sentiments. Growing expectations of a possible China-US trade agreement and easing trade tensions has reduced demand for gold as a traditional safe-haven asset. The counter has lost over 5% since hitting a fresh lifetime high above $3500 mark on April 22. Currently, the yellow metal is quoting at $3318.70 an ounce, down 0.45% on the day. Meanwhile, all eyes are on US economic data due for release this week for further cues. The US ADP Employment Change, Personal Consumption Expenditures Price Index (PCE), and the flash Q1 Gross Domestic Product (GDP) reports will be published later in the global day and US April employment report on Friday. On the MCX too, gold is taking a beating under 96k mark.