Precious Metals Preview: COMEX gold comes off $4k mark

COMEX gold futures witnessed a pullback after hitting above $4k mark during the week. The counter is currently trading at $3984.80 per ounce, up 0.31% on the day but off record highs attained during the week amid profit taking. Dollar index rebounding above 99 mark to some extent contributed to the pull back in the yellow metal. Moreover, US President Donald Trump announced that Israel and Hamas had agreed on the first phase of his peace plan, prompting a brief pullback in safe-haven demand. However, the prolonged US government shutdown and expectations of another Fed rate cut continue to lend underlying support.

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