Precious Metals Preview: COMEX gold drifts above $4100 mark

COMEX gold futures drifted higher on Tuesday morning following a near 3% surge in the previous session amid growing prospects for a Federal rate cut. Weak US data bolstered the case for a December rate cut hat is weighing on the dollar and in turn supporting the yellow metal. The counter is currently quoting high by half a percent on the day at $4142.20 an ounce. Meanwhile, the US government shutdown is nearing an end after a group of centrist Senate Democrats agreed to support a deal to reopen the government and fund some departments and agencies for the next year, as per media reports. MCX gold added over 2.5% to end at Rs 124125 per 10 grams.

Powered by Commodity Insights