Precious Metals Preview: Gold extends pullback in early Asia

COMEX gold continues to lose appeal following an over 1% drop in the previous session. Media reports that Iran has been urgently signaling that it seeks an end to hostilities and a resumption of talks over its nuclear program has contributed to easing geopolitical tensions, helping pull back safe-haven demand for Gold. The yellow metal surged near record high levels before erasing some gains yesterday. The counter currently holds at $3404.40 an ounce, down 0.38% on the day. Dollar recovery overseas is also weighing down the precious metal. Investors are seen shifting focus to upcoming US retail sales and industrial production data today and FOMC scheduled later for the week. On the MCX, gold futures retreated below 1 lakh mark to settle at Rs 99150 per 10 grams yesterday.

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