Precious Metals Preview: COMEX gold extends upside in early Asia

COMEX gold extended upside on Thursday morning in Asia, approaching record levels amid safe haven demand on escalating trade tensions. President Donald Trump warned of additional tariffs on EU goods after the EU and Canada retaliated against existing US trade barriers. Currently, the counter is quo ting at $2953.80 an ounce, up 0.24% on the day. Meanwhile, US Consumer Price Index (CPI) for February increased 2.8% on year, slightly below the expected 2.9% and down from 3.0% in January, indicating continued moderation in inflation that could keep the yellow metal supported. Core CPI, which strips out volatile food and energy prices, dipped from 3.3% in January to 3.1%, reinforcing signs of continued disinflation in the U.S. economy. The World Gold Council (WGC) revealed that central banks continued to purchase Gold. The People?s Bank of China (PBoC) and the National Bank of Poland (NBP) added 10 and 29 tonnes in the first two months of 2025, respectively.

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