Precious Metals Preview: COMEX gold extends slide in early Asia

COMEX Gold futures extended slide on Tuesday morning as profit booking emerged following recent gains. Besides, reduced safe haven demand after EU said it agreed to speed up negotiations with the US to avoid a trade war weighed on the yellow metal. Investors now await the release of the latest FOMC Minutes on Wednesday and the PCE inflation data on Friday for fresh cues. The metal jumped more than five percent to $3360 per ounce last week as a sharp spurt on Friday took the commodity above $3300 per ounce amid sustained weakness in the US dollar and worries over global geopolitical uncertainty as Russia scaled up its attack on Ukraine over weekend. Currently, the counter is down 0.75% at $3340.60 an ounce.

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