Precious Metals Preview: COMEX gold plunges by around 1.5% in early Asia

COMEX gold slumped on Monday morning in Asia by around 1.5% to $3439.80 an ounce, as US dollar ticks higher ahead of major US data. The greenback braces for the release of the US inflation report, which is due later on Tuesday although rising bets of a rate cut in September could limit losses in the yellow metal. Fed Governor Michelle Bowman said on Saturday that recent weak job data underscores her concerns about labor market fragility and strengthens her confidence in her projection that three interest-rate cuts will likely be appropriate in 2025. Meanwhile, the People's Bank of China (PBOC) added gold to its reserves in July, its ninth consecutive month of purchases, official data showed on Thursday.

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