Previous Metals Preview: Gold drifts towards $4000 per ounce in Asia

COMEX Gold futures drifted lower to $4000 per ounce today, giving up gains amid a sustained rebound in the US dollar. Gold is looking tentative after last week?s steep fall. The investors digested signs that the Federal Reserve may pause further rate cuts following last week?s 25 bps move. Chair Jerome Powell noted that future decisions will depend on limited data available during the ongoing US government shutdown. Market sentiment improved after the US and China agreed to extend their tariff truce and reduce trade barriers, boosting overall confidence though tempering safe-haven demand.

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