Precious Metals Preview: COMEX gold set for weekly gain

COMEX gold extends upside on Friday morning in Asia and is set for a weekly gain on safe haven demand amid ongoing Middle East tensions coupled with concerns surrounding US fiscal outlook. A rebound in dollar index yesterday pressured gold under $3300 mark although the counter recovered the level today morning to be trading currently at $3299.80 an ounce, up marginally on the day. On the economic front, US business activity accelerated in May, with the S&P Global Flash Composite Purchasing Managers Index (PMI) climbing to 52.1 from 50.6 in April, while the Manufacturing PMI jumped to 52.3 from 50.2, and Services PMI also rose to 52.3 from 50.8 ? both beating expectations and highlighting resilience in the private sector despite policy headwinds.

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