Precious Metals Preview: COMEX gold drifts higher amid soft dollar

Gold futures continue to accelerate gains well above $4k mark on Friday morning in Asia tracking softer dollar that has rolled back to near 99 mark, giving up much of the gains registered early this month. A record shutdown in US history ended on Thursday after Trump signed a funding bill to reopen the government. However, expectation that US economic data released after the end of the shutdown will reveal US labor market weakness weighs on the US Dollar. Besides, persistent expectation of rate cut is keeping the yellow metal supported at $4213.00 an ounce up 0.44%c on the day. On the MCX, gold is trading above Rs 126000 per 10 grams.

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