Precious Metals Preview: COMEX gold drifts to six-week low

COMEX gold futures are lingering near six week low on Monday morning in Asia on reduced safe haven demand. Improved risk sentiments amid abating tensions in Middle East coupled with progress in trade negotiations has dimmed bullion's traditional safe-haven appeal. Currently, the counter is quoting slightly higher at $3291.50 an ounce. Meanwhile, data from US showed personal consumption expenditures (PCE) price index rose by 2.3% on year in May, compared to 2.2% in April. Meanwhile, core PCE Price Index, which excludes volatile food and energy prices, climbed 2.7% in May, following the 2.6% increase (revised from 2.5%) seen in April. On a monthly basis, the PCE Price Index and the core PCE Price Index increased 0.1% and 0.2%, respectively.

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