Precious Metals Preview: Gold futures steady below $3400 mark

COMEX gold futures continue to stay battered below $3400 mark on Monday morning as dollar gains ground amid safe haven demand following US airstrikes on three Iranian nuclear facilities over the weekend. The yellow metal is however up nearly 30% so far this year although gains at the moment seem restricted by upside in dollar which also stands supported by Fed decision to leave interest rates unchanged this week. The dollar index that measures the greenback against a basket of currencies is up 0.25% at 98.53. Nevertheless, gold futures are currently trading lower by 0.25% at $3376.40 an ounce. Focus this week will be on the US personal consumption expenditures price index, the Federal Reserve?s preferred inflation gauge, S&P flash US PMI?s in addition to US Fed Chair Jerome Powell?s testimony. MCX gold futures ended Friday below 1 lakh mark.

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