Precious Metals Preview: COMEX gold hovers around record highs

Gold rebounded to a new record high of above $3700 per ounce in early Asia on Monday even as dollar stays firm. Broad sentiments remain in favour of Gold amid geopolitical unrest and excellent buying support from fund managers. Gold futures dipped after the Federal Reserve?s quarter-point cut, with Chair Jerome Powell signaling caution on further easing. The metal still ended last week with a gain of around 1% and remains over 40% higher year-to-date, supported by Fed policy expectations, geopolitical tensions, and central bank demand. Investors now look ahead to key US inflation data and comments from several Federal Reserve officials this week for further policy guidance.

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