Precious Metals Preview: Gold renews safe haven demand amid rising geo-political tensions; cooling US inflation supports

COMEX gold futures are accelerating gains near a one-week high as dollar deepens loses following softer than expected US inflation report that could support case for a Federal rate cut. Dollar index moved below 98 mark as investors now await US PPI data for more clarity. Moreover, US President Donald Trump has reignited tariff threats by announcing plans to notify US trading partners within the next one to two weeks about the new unilateral tariff rates. Meanwhile, reports of escalating geopolitical tensions between US and Iran are favoring safe haven appeal in the yellow metal. As per media reports, Iran?s defence minister has said his country would target US military bases in the region if conflict breaks out with the United States, as President Donald Trump said he was losing confidence that a nuclear deal would be agreed. The counter is currently seen quoting at $3394.90 an ounce, up 1.53% on the day. On the MCX, gold futures slipped below 97k mark.

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