COMEX Gold futures are seen consolidating under $4K mark this week amid heavy correction earlier in the week. Gold melted in tune with other metals as the US dollar index soared. A modest pullback was seen in the counter today as it quotes at $3991.70 per ounce, down marginally on the day. However, following the slide from all-time highs, the overall sentiments are turning cautious for the metal from a near term perspective. Global trade cues are also turning positive as China noted that it will suspend its 24% additional tariff on US goods for one year while retaining a 10% duty. The US dollar index currently holding around a five-month high is also weighing on the yellow metal. This can cap advances in Gold. MCX Gold futures are holding above Rs 120000 per 10 grams.

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