Precious Metals Preview: COMEX gold holds above $3600 mark

COMEX Gold futures plunged in early Asian trades on Monday but still hold above $3600 mark. The counter fell around 0.7% to be quoting at $3628.50 an ounce this morning. Investors piled into safe havens on growing expectations of a Fed rate cut. Hints from Chair Powell have fuelled hopes of easing this month. Trump?s clash with the Fed and fresh tariff battles spark concerns over central bank independence and trade uncertainty also underpins sentiment for the yellow metal. Budget worries and dollar diversification are further boosting demand for bullion. Gold rose around 4% in August, its best monthly performance since April, adding to bullish momentum. As per the Gold Market Commentary report by the World Gold Council, Gold gained in all major currencies, despite a much weaker US dollar, and the positive momentum has carried on in early September.

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