Precious Metals Preview: COMEX gold at 5-week high

COMEX gold is hovering around a five week high on Tuesday morning in Asia following a 1.4% spike in the previous session on safe haven demand amid concerns surrounding uncertainty over trade deals. The August 1 tariff deadline imposed by the White House is keeping investors cautious. Meanwhile, US Dollar and US Treasury yields tumbled sharply, supporting the yellow metal which is currently seen trading at $3403.30 an ounce, down 0.09% on the day. US Treasury yields continued to drop as the 10-year Treasury note plunged over six and a half basis points (bps) to 4.356% while dollar index edged below 98 mark.

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