Previous Metals Preview: Gold extends recovery from three-week low

COMEX Gold continued to rise following sustained losses in last few sessions. COMEX gold futures tested a three-week low around $3300 per ounce owing to reduced safe haven demand for the yellow metal as trade tensions seemingly eased. Firmness in dollar overseas is also contributing to weakness in the precious commodity. The dollar index is hovering above 98 mark as investors assessed recent trade deals between the United States, Japan, and the European Union. However, lows around $3300 per ounce seemed to have put in place a good support and COMEX Gold futures are currently quoting at $3380 per ounce. MCX Gold futures for October closed just above Rs 99100 per 10 grams, almost unchanged on the day but witnessing good intraday recovery.

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