(06 May 2025, 13:13)

Gold nears $3400 per ounce mark as impressive bounce continues

COMEX gold futures edged up for a second session, hitting around two-week high as the demand safe haven commodity stayed intact amid uncertainty regarding tariff deals between US and China and resurfacing concerns in Middle East. Gold has seen a good bounce from around three-week low tested on Friday. Investors now look forward to the highly-anticipated two-day FOMC meeting starting this Tuesday for cues on rate path. Gold saw a sharp spike of 2.40% in last session and has approached $3400 per ounce mark today. The counter is currently quoting at $3382 an ounce, up 1.81% on the day. On the MCX, the benchmark gold futures spiked to Rs 96261 per 10 grams, up around 2% on the day. The counter soared 2.17% in last session. Prices fell sharply in last week as markets were worried about near term demand prospects in India. India’s gold demand saw a 15% on-year drop to 118.1 tonnes in the January-March quarter of this year, while its value grew by 22% to Rs 94,030 crore owing to surging price, the World Gold Council (WGC) stated in a latest update.

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Gold nears $3400 per ounce mark as impressive bounce continues