Precious Metals Preview: COMEX gold stays near record high on rising safe haven demand

COMEX gold continue to perch around lifetime highs amid safe haven demand amid ongoing Middle East tensions and rising possibility of a Federal rate cut. The yellow metal is currently quoting at $3690.30 an ounce, up nearly half a percent on the day. Geopolitical tensions in Europe rose after Poland shot down Russian drones that crossed into its territory in Russia's latest attacks on Ukraine. Additionally, Israel during the week launched a strike on Doha, Qatar, targeting the senior leadership of Hamas. Meanwhile, August US CPI report showed consumer prices rising 0.4% on the month, slightly above forecasts, while the annual rate held at 2.9%, matching expectations. Jobless claims jumped 27K to 263K, the highest since 2021.

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