Precious Metals Preview: COMEX gold plunges near 1.5% in early Asia

Gold futures on the COMEX slipped back under $4K mark on Thursday morning in Asia after Fed Chair Jerome Powell remarked that another rate cut in December is uncertain. Federal Reserve Chair Jerome Powell stated at the post-meeting press conference that another rate cut in December is far from certain,pushing the yield on the 10-year Treasury above 4%. Meanwhile, investors await cues as US President Donald Trump and Chinese President Xi Jinping are set to meet later today in South Korea. The yellow metal is currently quoting at $3942.50 an ounce, down 1.458% on the day.

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