Precious Metals Preview: COMEX gold steadies near record high levels

COMEX Gold futures are steadying near all-time high mark at around $3453 per ounce in early Asia on Monday. The metal is hovering around record levels as investors rushed to safety after Israel launched a heavy strike on Iran?s nuclear sites and Iran also retaliated. Heightened fears of a wider Middle East conflict pushed safe-haven buying across global markets, lifting bullion sharply. Besides, growing uncertainty over US trade policy after President Donald Trump threatened to impose unilateral tariffs is also keeping the yellow metal supported. Markets are now looking ahead to the US Federal Reserve?s policy meeting later this week for further cues. Meanwhile, MCX Gold futures moved up in tune with the global prices as a break above Rs 100000 per 10 grams sustains. The counter is further seen supported by weak Indian Rupee that extends downside near two-month low.

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