Precious Metals Preview: COMEX gold tumbles over 1% in early Asia

COMEX gold futures tumble by over 1% in early Asian trades on Thursday following steady gains for nearly two weeks to hit new record highs. Slight profit taking at higher levels and dollar index holding around 98 mark ahead of US jobless claims, ADP employment data, and Friday?s nonfarm payrolls report for further clues on economic momentum and Fed policy is seen weighing on the yellow metal. the precious metal has gained roughly 40% year-to-date. Currently, the counter is quoting at $3589.90 an ounce, down 1.25% on the day.

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