Precious Metals Preview: COMEX gold stays supported amid weak US Dollar

COMEX gold stays supported on Thursday morning in Asia tracking sustained weakness in greenback overseas following ceasefire between Israel and Iran that reduced safe haven appeal for the currency. The dollar index is seen easing to near 97 mark on Thursday, its lowest level in more than three years amid easing geopolitical tensions and expectations of Federal Reserve rate cuts. However, Fed Powell said during his testimony before US Congress that tariffs could cause just a one-time jump in prices, but added that the risks of becoming persistent are enough for the central bank to keep interest rates unchanged. Meanwhile, US data showed new home sales dipped 13.7% in May, from 722,000 in April to 623,000. Gold futures are currently seen quoting at $3353.10 an ounce, up 0.30% on the day. On the MCX, gold futures stayed supported above 97 per 10 gram mark.

Powered by Commodity Insights