Commodity

COMEX gold prices bounced back by over 1% in early Asia on Friday although the counter continues to linger around a two week low as possible de-escalation of trade tensions may demean demand for the safe haven commodity. The yellow metal was on a losing streak since hitting a lifetime high above $3500 last week and is set for a second weekly decline. Meanwhile, Chinese markets are reportedly shifting rapidly from buying to selling of gold which is significantly impacting gold prices, causing a notable tumble in the market. Currently, the counter is quoting at $3261.80 an ounce, up 1.23% on the day. On the MCX, gold futures are seen just above Rs 92k per 10 grams. Meanwhile, India's gold demand witnessed a 15% on-year decline to 118.1 tonnes in the January-March quarter of this year, even as value grew by 22% to ₹94,030 crore owing to surging prices, the World Gold Council (WGC) said on Wednesday.

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