Precious Metals Preview: COMEX gold attempts recovery after a 5% slide

COMEX gold is attempting recovery on Tuesday morning in Asia after a deep decline of almost 5% in the previous session that took the metal to an over one-week low. Profit taking at higher levels led to sharp sell-off in the yellow metal although safe haven demand is likely to limit downside in the commodity. Moreover, possible lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal. Currently, the counter is seen trading at $4377.90 an ounce, up 0.79% on the day.

Powered by Commodity Insights