Precious Metals Preview: COMEX gold sustains decline amid sharp surge in dollar

COMEX gold prices sustained losses on Thursday morning in Asia tracking a sharp surge in dollar index above 100 mark as Fed minutes highlighted risks of persistent inflation and weakening job growth, prompting cautious rate stance. The FOMC participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer. Besides, media reported a ruling from the US Court of International Trade, which found that President Donald Trump had exceeded his authority in imposing reciprocal tariffs, bringing temporary relief to dollar index that climbed above 100 mark for the first time in around one and half weeks. Meanwhile the yellow metal is currently seen quoting lower by 0.73% at $3298.20 an ounce.

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