Gold sees mixed moves after recovering from one month low

Published on May 07, 2024 13:01

Gold futures saw a good bounce in last session as bargain buying stayed in place following recent losses. The COMEX Gold futures spiked around 1%, adding to gains after testing one month low in last week. The metal currently trades at $2327 per ounce, down 0.16% on the day as Hamas accepting Egyptian-Qatari cease-fire proposal is capping upmove in the commodity. MCX Gold futures spiked 0.98% in last session with a massive 28% drop in volume. The counter currently trades at Rs 71240 per 10 grams, down 0.18% on the day. Gold demand from China remains steadfast. According to the China Gold Association, gold consumption in the country saw a 6% spurt in the first quarter compared to the same period last year. This growth follows a 9% spike recorded in the year 2023.