Precious Metals Preview: COMEX gold under pressure in early Asia

COMEX gold is seen under pressure in early Asia on Thursday as dollar is recovering after a sharp fall in the previous session. The dollar index had a volatile session with the index scaling above 100 mark earlier in the day and paring gains to end at around 99.20. Meanwhile, gold futures are quoting lower by 0.66% at $3321.70 an ounce. Investors now await the release of PCE data for further cues on Fed course of action going ahead. San Francisco Fed's Mary Daly reportedly stated that the central bank could still cut rates twice this year, but emphasized the importance of holding steady for now to ensure inflation is on track to return to the Fed?s 2% target. Data from US, in the meantime showed US economy contracted in the first quarter, marking the first negative growth reading in three years. Also, US initial jobless claims for the week ending May 24 rose by 240K, up from 226K a week before and exceeding forecasts of 230K.

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