Precious Metals Preview: COMEX gold eases further from record high amid firm dollar

COMEX gold futures continue to ease further from record high levels as dollar index surged to a three week high ahead of crucial US PCE data. Meanwhile, encouraging data yesterday showed US weekly jobless claims declined to 218K, compared to the previous reading of 232K. Also, US Gross Domestic Product expanded at an annual rate of 3.8% in the second quarter (Q2), stronger than the previous estimate and the expectation of 3.3%. However, ongoing geopolitical tensions are likely to limit sharp losses in the yellow metal. Currently, the counter is quoting at $3766.90 an ounce, down 0.11% on the day but heading for a weekly gain of over 1.5%.

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