Precious Metals Preview: COMEX gold seen pressured in early Asia

COMEX gold is seen pressured on Tuesday morning following an over 2% jump to an over four week high yesterday. Dollar regained some strength in early Asia from a near one-week low that is weighing on the counter. Data from US overnight showed that US manufacturing activity contracted more than expected in May. ISM said its manufacturing PMI slipped to 48.5 in May from 48.7 in April, with a reading below 50 indicating contraction. With the unexpected decline, the manufacturing PMI dipped to its lowest level hitting 48.4 in November 2024. Meanwhile, Fed Powell in his speech yesterday failed to comment on the US economic outlook amid market uncertainty due to Trump tariffs. The yellow metal is currently seen trading at $3391.90 an ounce, down 0.16% on the day.

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