Previous Metals Preview: Gold slips in Asia on profit selling

COMEX Gold futures eased today as some profit selling emerged in the metal following recent surge. The metal saw excellent gains this week and broke above $4000 per ounce to a fresh record high and gained further today. The counter currently trades at $4038 per ounce, down 0.80% on the day. Gold is building upon the 10% spike in September and looks placed in a position of strength as it has managed to hit record highs despite US equities also holding around record high territory. Meanwhile, the World Gold Council stated in a latest update that year-to-date gold is up 47%, marking the highest return in a calendar year since 1979. The move higher was supported by political tension, strong options market activity, and currency weakness.

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