Precious Metals Preview: COMEX gold attempts to holds near two-week high

COMEX gold is attempting to hold around a two week high on Monday morning in Asia as the yellow metal is seen pressured by a recovery in dollar overseas following a sharp drop of nearly 1% on Friday. Dovish signals from the Federal Reserve ramped up bets that interest rate cuts were coming in the next month. Federal Reserve (Fed) Chair Jerome Powell in his speech at the Jackson Hole (JH) Symposium on Friday signaled that he is open to unwinding monetary policy restrictiveness, citing downside employment risks. Also, escalating tensions between Russia and Ukraine also boost the safety appeal for gold. Currently, the counter is quoting at $3411.20 an ounce, down 0.21% on the day.

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