Gold turns lower as $3400 mark gives up, focus stays on geopolitics

COMEX gold futures are holding just under $3400 per ounce mark as some correction has emerged in the counter following an over 2% jump to an over four-week high yesterday. The US Dollar index regained some strength in early Asia from a near one-week low. The yellow metal is currently seen trading at $3387 an ounce, down 0.30% on the day. Near term focus is likely to stay on the trade talks and geopolitical scenario. No major announcements were made during talks between Russian and Ukrainian officials in Istanbul, but the two sides did agree to swap thousands of prisoners and the remains of deceased soldiers. Gold has started the month of June on an upbeat note after witnessing a flat outing in last month. On the MCX, the benchmark Gold futures are currently trading at Rs 97767 per 10 grams, down 0.19% on the day after hitting a high above Rs 97900 per 10 grams in intraday moves.

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