Precious Metals Preview: COMEX gold retreats amid fading safe haven appeal

COMEX gold pulls back in early Asia on Thursday as safe haven appeal for the yellow metal faded amid optimism over further trade deals between the US and key partners. Media reports state that the United States (US) and the European Union (EU) are close to signing an agreement, similar to the one signed by Washington and Tokyo on Tuesday. Deep slide in dollar index under 97 mark also failed to boost the precious metal. The yellow metal however continues to broadly hover in the $ 3,300 range per ounce, with a gain of above 2% so far this month. The metal has been range-bound as investors balance a weaker dollar and global tensions against strong U.S. economic data. Meanwhile, global precious metals have gained persistently amid shifting economic currents, including a softer dollar, speculation around Federal Reserve policy, and geopolitical trade tensions. Currently, the counter is quoting at $3388.50 an ounce, down 0.39% on the day.

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