Precious Metals Preview: COMEX gold lingers around $3300 mark

COMEX gold has seemingly found a comfort zone around $3300 levels as the yellow metal continues to linger around the level for almost a month now. Geopolitical developments are keeping the safe haven commodity supported although renewed strength in the greenback overseas is adding some pressure on the commodity. Dollar index witnessed sharp movements yesterday amid reports of President Donald Trump considered removing Fed Chair Jerome Powell. Meanwhile, US data showed PPI in June dipped from 2.6% to 2.3% on year, below estimates of 2.5%. Excluding volatile items, PPI cooled from 3% to 2.6%, below forecasts of 2.7%. Meanwhile, Currently, the counter is quoting at $3346.50 an ounce, down 0.38% on the day.

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