After a soft patch into late March, spot and futures printed firmer handles and Asian benchmarks joined the bounce, so the recovery showed up across venues rather than in a single session.

In London, spot gold was quoted near $4,491.94 per troy ounce, while Comex front-month gold futures traded around $4,512.70, keeping the New York premium modest but positive as Western hours absorbed fresh dip demand.

Hong Kong’s 99 fine gold benchmark moved in line with the offshore complex, reflecting steady physical offtake and tighter scrap flows rather than a one-off futures squeeze. Offshore renminbi-denominated bar and bullion references also ticked higher, signalling that the move was not confined to dollar venues alone.

Intraday action saw several handles post meaningful percentage gains from session lows as leveraged funds covered shorts and real-money accounts added on weakness; volatility remained orderly compared with prior risk-off spikes, which suggests positioning—not a disorderly liquidity event—drove much of the reset.

The late-March washout appears to have found responsive buyers. Dip-buying met consistent central-bank and official-sector support narratives still in the background, while the range, though wider than last quarter, still looks bounded relative to historical stress episodes. Price is back into the slow grind-higher channel that has characterised bullion for much of the year: higher lows, periodic mean reversion, and macro tailwinds when real yields and policy uncertainty flicker.