Gold prices rebounded above $3250 per ounce in Asian electronic trades on Monday after suffering their steepest weekly fall in six months. Safe-haven demand picked up following Moody's decision to downgrade the US government's credit rating, citing large fiscal deficits and rising interest costs. Last week, bullion dropped over 3% as improved risk sentiment from the US-China trade truce weighed on the market. The two countries agreed to a 90-day pause on most tariffs, easing global recession fears. Meanwhile, weak US economic data and slowing inflation have strengthened expectations of further interest rate cuts by the Federal Reserve later this year. On MCX, June gold futures surged past ₹94000, gaining over ₹1300 in early trade.
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