Precious Metals Preview: COMEX gold pushes to fresh record high

COMEX Gold futures pushed to a fresh record high on Friday morning in Asia as dollar index slipped under 100 mark for the first time in nearly 9 months. Besides, persistent safe haven demand amid escalating US China tariff war helped the counter surge past $3200 mark. President Trump intensified the ongoing trade battle with China by sharply raising tariffs on Chinese goods to 145%, the White House confirmed. In response, China hit back with 84% tariffs and began strengthening ties with Europe and Asia to ease the pressure. The counter currently trades at $3236.00 an ounce, up 1.84% on the day. Meanwhile, data from US showed consumer prices unexpectedly fell in March, but inflation risks are tilted to the upside after US President Donald Trump increased China tariffs. The US CPI inflation eased to 2.4% on year in March from 2.8% in February. Core CPI, which excludes volatile food and energy prices, increased 2.8% on year in March, compared to a rise of 3.1% seen in February.

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