Precious Metals Preview: COMEX gold at 2-week high in early Asia

COMEX gold futures accelerate gains to a two-week high on Monday morning on Asia as US private jobs data indicated a weak labor market, supporting the US rate cuts. US Challenger job data showed that companies cut over 150,000 jobs in October, marking the biggest reduction for the month in more than 20 years. Dollar pullback under 100 mark is benefitting the yellow metal surge back above $4k mark. On Friday, the University of Michigan?s consumer sentiment index also fell to its lowest level in nearly three and a half years as the US government shutdown extended to the longest in history, adding pressure on the greenback which is currently holding around 99.50. Meanwhile, gold is trading at $4054.50 an ounce, up over 1% in early trades.

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