Precious Metals Preview: COMEX gold set for weekly dip of over 2%

COMEX gold stays pressured near a one-week low under $3400 mark on Friday morning in Asia despite its typical safe haven appeal during geopolitical tensions. Hawkish stance by the Federal Reserve while keeping US interest rates unchanged has likely weighed on the yellow metal. Fed Chair Jerome Powell commented that policy is in a good place despite being moderately restrictive and acknowledged that the impact of tariffs has yet to be felt. The Fed held rates unchanged but updated its economic projections, in which officials revealed that they?re still expecting two cuts in 2025. Moreover, the World Gold Council's latest survey on central banks revealed that majority expect an increase in demand, which could also support bullion prices. Currently, the counter is quoting lower by over 1% at $3369.70 an ounce and is set for a weekly decline of over 2%.

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