Precious Metals Preview: COMEX gold pulls back mildly in early Asia; Geopolitical tensions limit downside

COMEX gold futures are seen mildly pulling back from record high levels as investor are booking profits at higher levels. The yellow metal is however hovering around the lifetime highs as dollar stays weak amid rising expectations of a Federal rate cut in the near term. Investors now await US inflation data later this week for further guidance. Geopolitical tensions escalating in the Middle East are also propping up the safe haven commodity. Israel reportedly launched a strike on Doha, Qatar, targeting the senior leadership of Hamas. Qatar said the attack by Israel violated international law and threatens to widen the conflict in the Middle East. Currently, the counter is quoting lower by 0.22% at $3674.00 an ounce.

Powered by Commodity Insights