Precious Metals Preview: COMEX gold near record highs

COMEX gold futures are hovering around a record high on Wednesday morning in Asia and are currently quoting at $3598.30 an ounce, up 0.17% on the day. The yellow metal is seen supported by safe haven demand coupled with rising expectations of an interest rate cut by the Federal Reserve. Investors remain on edge amid persistent trade-related uncertainties and renewed geopolitical risks stemming from the escalating Russia-Ukraine conflict and tensions in the Middle East. Focus shifts to the closely-watched US Nonfarm Payrolls (NFP) report, due on Friday for further cues.

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