Precious Metals Preview: COMEX gold seen steadying above $4500 mark

COMEX gold is seen steadying around $4500 mark on Wednesday morning in Asia as dollar index ticked higher. DXY is holding just above 99 mark but broad momentum stays downbeat as optimism grows over a possible peace deal between US and Iran. Off late, Middle East tensions had driven a safe-haven flight to the US Dollar while simultaneously spiking oil prices, which fuels sticky US inflation and forces the Federal Reserve to delay rate cuts. Investor now shift focus towards upcoming PCE inflation data for further clues on the Fed?s future policy direction. Currently, the yellow metal is quoting at $4508.50 an ounce. Meanwhile, silver is holding above $77 per ounce mark. MCX Gold futures contracts settled under Rs 158000 per 10 grams, mirroring a broader correction in global bullion markets.

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