Precious Metals Preview: COMEX gold at new record high, seen fast approaching $4k mark

COMEX gold futures hit a fresh high on Monday morning in Asia, fast approaching the next crucial $4k mark. The metal has gained for a seventh straight week and is holding onto a massive 10% surge in September 2025. Currently, gold is quoting at $3947.00 an ounce, up almost 1%. The yellow metal drew strength from mounting safe-haven demand as the US government shutdown delayed crucial jobs data, clouding the outlook for policymakers. Softer cues from the US dollar index, ADP payrolls, JOLTS and Challenger hiring trends further bolstered expectations of two more Fed rate cuts despite sticky inflation pressures. On the domestic front, festive season demand from weddings and Diwali is expected to provide an additional tailwind. Meanwhile, inflows in Gold ETFs in August jumped by 74% to Rs 2,189 crore compared to Rs 1,256 crore in July. On a year-on-year basis, inflows spiked 36% from Rs 1,611 crore in August 2024.

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