Precious Metals Preview: COMEX gold set for weekly gain of around 1.5%

COMEX gold edged lower in early Asia on Friday but is staying on track for a weekly gain of around 1.5% amid sustained gains in the commodity. The yellow metal is hitting fresh record highs near $3900 mark amid safe haven demand for the commodity. Heightened concerns in US amid government shutdown and rising expectations of Federal rate cuts are seen supporting the counter which is currently quoting at $3866.50 an ounce, marginally down on the day. US President Donald Trump's Republican Party failed to agree with opposition Democrats on a way forward on a spending bill. Meanwhile, ADP reported on Wednesday that private-sector employers shed 32K jobs in September, marking the biggest drop since March 2023.

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