Precious Metals Preview: COMEX gold pushed under $3400 mark as dollar firms ahead of FOMC

COMEX gold took further beating on Wednesday to dip to its lowest level in almost a week, under $3400 mark, tracking a strong overnight rebound in dollar overseas. The dollar index witnessed a good rebound well above 98 mark as FOMC due for the week will be closely monitored to seek forward guidance on Fed rate path amid looming global geopolitical and tariff uncertainties. However, the escalation of the Israel?Iran conflict is likely to keep safe-haven appeal for the precious metal intact. Currently, the counter is quoting at $3397.10 an ounce, down 0.28% on the day. On the MCX, gold futures eased under 1 lakh mark, Meanwhile, COMEX Silver futures soared to a fresh 13-year high, breaking above $37 per ounce mark as Gold stayed supported and traders kept an eye on developments in the Middle-east.

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