Precious Metals Preview: COMEX gold rebounds as geopolitical tensions escalate

COMEX Gold futures are seen rebounding in early Asian trades on Monday morning in Asia following choppy trade last week. The yellow metal is currently seen trading higher at $3328.20 an ounce tracking slide in dollar index back below 100 mark. US President Donald Trump claimed on Friday that China had violated their trade agreement. This, in turn, has fueled uncertainty in global markets and provided some support to the Gold price. Escalating geopolitical tensions in the Middle East also underpinned the yellow metal. The counter had tested one and half week lows around $3270 per ounce as easing trade tensions curbed demand for safe-haven assets in the previous week. Meanwhile, the Reserve Bank of India?s gold reserves rose 57.48 metric tonnes YoY to 879.58 tonnes as of March 31, 2025. Value of gold imports in India also gained by 27.4 per cent (y-o-y) in 2024-25 to US$ 58.0 billion, driven by higher international prices even as total volume contracted, the central bank noted. The metal ended around $3310 per ounce, ending the month of May 2025 on a flat note.

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