Precious Metals Preview: COMEX gold attempts recovery from one-week low

COMEX gold futures are attempting recovery from a one-week low on Thursday morning in Asia following a sharp slide in the previous session. Yesterday, the yellow metal slumped more than 1% after US revealed a stronger-than-expected US jobs data, suggested a resilient US labor market and increasing prospects that the Fed will keep interest rates higher for longer. The latest ADP report showed private-sector employment increased by 122K in May, surpassing forecasts and marking the strongest reading since January 2025. The attention will shift to the US employment report later on Friday. Besides, persistent energy concerns amidst closure of Strait of Hormuz and ongoing war likely to spur further inflationary pressure contuse to weigh on the metal. Currently, the counter is holding at $4495.90 an ounce, up 0.79% on the day.

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