Precious Metals Preview: COMEX gold at fresh lifetime high above $4100 mark

COMEX gold futures spiked to a fresh lifetime high on Tuesday morning in Asia as investors continue to flock to safe haven commodity amid US-China trade tensions. US President Donald Trump announced on Friday that he will impose new trade measures against Beijing, including 100% tariffs on all Chinese goods and export controls on critical US-developed software, due to take effect by 1 November. However, he softened his stance during the weekend saying that everything would be fine and that the US was not looking to hurt China. Besides, mounting expectations of a Fed rate cut is also undermining demand for greenback and in turn supporting gains in the yellow metal. The precious metal has climbed over 56% year-to-date so far this year and is currently quoting at $4162.60 an ounce, up0.72% on the day.

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