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COMEX Gold futures fell over $40 an ounce, dropping below $2370 to its lowest level in two weeks, as investors turned cautious ahead of key US economic data releases. Metals and risky assets were hurt heavily and sentiments remained volatile. The preliminary Q2 GDP figures from the US, due later today, and the June PCE price index report on Friday are key focal points. Markets are fully pricing in a September rate cut, with two additional reductions anticipated before the end of the year. Meanwhile, in India, gold demand is expected to increase following the government's reduction of the gold import tax from 15% to 6%. MCX gold futures have plunged nearly Rs 5000 since the import duty cut on Monday, reaching as low as Rs 67606 so far this week.

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