Precious Metals Preview: COMEX gold sinks 1% in early Asia; Weak dollar fails to support

Gold prices shrunk over 1% in early Asian trades on Friday despite sharp decline in dollar index below 97 mark. The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, sinks to its lowest level in three and a half years following ceasefire between Israel and Iran. Investors, however continue to access media reports that claim US President Donald Trump is considering nominating the next Federal Reserve Chair by September or October. Moreover, Fed?s future outlook will also be gauged amid data that showed final printing of the Gross Domestic Product (GDP) for Q1 2025 confirmed that the economy lost traction, contracting more than expected and by a larger margin than the previous figure. COMEX gold is currently quoting at $3314.80 an ounce, down 1% on the day.

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