COMEX Gold futures dropped by over 2% from the previous session and tested a five-week low. Demand for safe-haven assets fell due to easing global trade tensions. The metal has lost around 10% from its record highs of around $3500 per ounce. The metal saw volatile moves yesterday as Federal Reserve Chair Jerome Powell said that longer-term interest rates are likely to be higher. A modest bounce emerged from these levels and the counter currently trades just above $3200 per ounce.

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