Gold bounces on safe haven demand after sharp slide in last session

COMEX Gold futures edged up impressively today as $4000 per ounce mark has offered a good floor for the metal. COMEX Gold is also eying unrest on geopolitical front as worries on US-Iran ceasefire deal are boosting safe-haven demand. The metal currently trades up 0.80% at $4115 per ounce. Gold has tumbled heavily yesterday as firm US dollar took a toll on the commodity though a generally steady undertone in fund buying is keeping sentiments supported. Global gold ETFs? AUM reached US$526billion (bn) by the end of June, a 6% fall in H1 due mainly to a lower gold price while collective holdings in the first half were up 18 tonnes (t) to 4,047t. COMEX Gold is up 0.81% at $4116 per ounce. MCX Gold futures are trading at Rs 144560 per 10 grams, up 0.59% on the day after hitting highs above Rs 144900 per 10 grams.

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