Precious Metals Preview: COMEX Gold sees sharp spike, zooms near $2900 mark

COMEX Gold futures spiked around 1.80% yesterday as a tense global geopolitical backdrop and heavy losses in the US dollar pulled the metal sharply higher from three week low. China’s Ministry of Commerce has stated that Beijing is strongly dissatisfied with these new tariffs and is going to respond with countermeasures. Meanwhile, India has cut the base import prices of gold and silver, lowering gold by $11 per 10 grams and silver by $18 per kg. This can pull down local prices a bit in near term. COMEX Gold futures are currently quoting at $2900 per ounce, almost unchanged on the day.

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