Precious Metals Preview: COMEX gold extends upside above $3300 mark

COMEX gold extends upside in early Asia on Thursday as dollar sinks below 100 mark in reaction to Moody?s downgrade of US government debt. Last week, Moody?s, the international rating agency, downgraded the US government rating from AAA to AA1. Besides, rising safe haven demand for the yellow metal amid heightened Middle East tensions are also aiding gold prices. Multiple media sources revealed yesterday that Israel is preparing to attack Iranian nuclear facilities. Currently, the counter is quoting at $3344.40 an ounce, up 0.87% on the day and its highest level in nearly two-weeks.

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