Precious Metals Preview: COMEX gold rebounds amid safe haven demand

COMEX gold prices bounced higher on Monday morning in Asia as dollar dipped on renewed concerns surrounding the US economic outlook and fiscal health. Moody?s on Friday downgraded the US credit rating by one notch, from Aaa to Aa1, citing escalating debt levels and a growing burden from interest payments. The rating agency now forecasts US federal debt to soar to approximately 134% of GDP by 2035, up from 98% in 2023, with the federal deficit expected to widen to nearly 9% of GDP. The counter last week is seen recovering after a sharp drop to an over one month low last week. Currently, the yellow metal is quoting higher by over 1% at $3226.50 an ounce.

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