Precious Metals Preview: COMEX gold ticks higher amid dollar pullback

COMEX gold edges high on Wednesday morning in Asia following four days of decline and drifting near a three-week low. Weakness in dollar overseas that held high this week on safe haven demand amid tensions in Middle East is providing some respite to the yellow metal. News of the ceasefire between Israel and Iran reduced appeal for the greenback. Meanwhile, Fed Chair Powell in his semiannual monetary policy report to the Congress reiterated his stance that policymakers should not hurry to adjust policy, saying that the US central bank will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate. The dollar index is seen trading at 97.51 while the yellow metal is quoting higher by 0.36% on the day at $3345.80 an ounce.

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