Precious Metals Preview: Gold supported around $4850 per ounce in Asia

COMEX Gold futures saw sustained upmove today as weak US dollar boosted the yellow metal. COMEX Gold slipped near one-week low earlier this week, 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. The yellow metal is currently trading at $4851 per ounce, almost unchanged on the day. Broad sentiment is supported after International Monetary Fund (IMF) has cut its global economic growth forecast. The IMF said on Tuesday that it expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent. The IMF also said that it anticipates higher global inflation at 4.4 percent, up 0.6 percentage points from its January forecast.

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