OFF THE WIRE

TORONTO, June 12 (Reuters) - The Canadian dollar edged ‌lower against its U.S. counterpart on Friday as oil prices fell on signs of progress toward a peace deal in the Middle East, with the currency adding to its weekly ​decline.

WASHINGTON, June 12 (Reuters) - U.S. consumer sentiment bounced off record lows in early June as easing gasoline prices offered households some relief, though concerns about inflation stoked by the Middle East ​conflict lingered.Lower-income households led the broad improvement in sentiment reported by the University of Michigan's Surveys of Consumers on Friday. Gasoline prices have ‌dropped from four-year highs over the past three weeks, according to data from motorist advocacy group AAA, as oil prices stayed below $100 a barrel despite a fragile ceasefire.

Gold demand in India improved slightly this week as softer prices drew in jewellery buyers even as caution prevailed, while premiums in China eased.Gold prices in India dropped to their lowest since April 2 at 146,444 rupees per 10 grams on Thursday, and are down 1.5% for the week so far.Demand improved as the recent price correction drew buyers back, particularly those for jewellery purchases, said Chanda Venkatesh, managing director at CapsGold, a bullion merchant based in the southern city of Hyderabad.

Zimbabwe’s state-owned gold mining company Mutapa Gold Resources plans to double its annual output to 220,000 ounces by 2029 after securing funding for an expansion project, according to production reports made available to reporters on Friday.Mutapa, the country’s biggest gold producer, had output of 104,626 ounces in the financial year to March 31, according to the documents, a 10% decline from the year before mainly due to lower grades.

Chinese copper smelters are buying more feedstock that contains little copper but lots of sulphur to cash in on lucrative margins from sulphuric acid sales that have helped counter losses from tumbling processing fees, industry sources and analysts said.At least six smelters in China, the world’s largest refined copper producer, including Jinchuan Group, have stepped up purchases of pyrite this year, said multiple sources with knowledge of the matter.