Commodity prices traded volatile with base metals and crude oil prices higher on positive global cues while bullion prices traded down on risk-on sentiment. Crude prices extended the gains rallying more than 11 percent on extension of output cut deal.

Copper, lead and nickel prices led the gains among the base metals on improved demand outlook while bullion prices shed 2 percent as buying in riskier assets faded demand for safe haven. The dollar index fell by more than 1 percent on improved risk sentiments which supported commodities to trade firm.

Bullion prices ended in the red for the third week with liquidation in safe haven assets on improved investment sentiments for riskier assets. The spot gold prices at COMEX ended down by 2.6 percent at $1,681 per troy ounce while Silver prices also traded down by 2.5 percent despite of rally in base metals. Gold prices traded weak as ease of lockdown and reopening of the economic activities boosted optimism over economic recovery.

The strong equity indices with supportive economic data from US and China dampened safe haven demand for gold and silver. The better than expected job market numbers from US showed strong sign of economic growth in May which led to the selloff in gold prices on Friday. The Gold ETF holdings at SPDR Gold Shares declined by 0.4 percent to 1,128.11 tonnes on Friday.

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