COMEX Gold futures lost heavily yesterday in volatile trades. The metal hit a record high around $3170 per ounce but failed to hold as commodities slumped after US President Trump announced massive trade tariffs against the rest of the world. However, US offered an exemption for 'bullion'. This cut the price gap between New York Comex futures and London prices, taking COMEX Gold under $3100 per ounce and marking a deep slide of more than 2%. Silver lost around 7%. Gold is holding on around $3110 per ounce, down marginally on the day but off its one week low.