Precious Metals Preview: Gold sees good gains after testing near one-week low

COMEX Gold futures saw an excellent rebound today, adding to gains in last session as weak US dollar boosted the yellow metal. COMEX Gold slipped near one-week low yesterday, approaching around $4600 per ounce mark but cut losses amid excellent upside in the US equities. The broader ceasefire between US-Iran is holding for now and equities are finding it supportive. This is pulling down the US dollar index which is currently quoting around 98 mark. The yellow metal is currently trading at $4810 per ounce, up around 1% on the day. Gold has been largely holding up gains seen in last week when the metal moved up around 6.50%. MCX Gold futures are likely to turn higher on these cues after witnessing a sideways session yesterday. Lows around Rs 151300 mark had capped losses for the counter in last session. The metal had closed down marginally at Rs 151983 per 10 grams.

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