Precious Metals Preview: Gold holds near record highs as safe haven demand supports

COMEX gold futures are paring gains from record high levels in early Asia on Thursday. The counter is however holding on near the higher levels and currently quoting at $3670.90 an ounce, down 0.30% on the day. Data yesterday showed US Producer Prices rose less than expected in August, reinforcing the view that the US central bank will deliver rate cuts at its upcoming policy meeting. This could keep the yellow metal supported. All eyes will be on the US Consumer Price Index (CPI) for August, which will be released later today. Meanwhile, escalating geopolitical tensions in Europe and the Middle East also boost the safe-haven flows. Poland reportedly shot down Russian drones that crossed into its territory in Russia's latest attacks on Ukraine.

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