Precious Metals Preview: COMEX gold drifts slightly lower; Awaits clarity on Fed policy path

COMEX gold witnesses a mild pullback although silver extends gains as markets await cues after a trading holiday in US markets. The greenback?s pull back amid sharp surge in yen is seen supporting the precious metals although increasing rate hike bets are likely to limit gains. Data last week showed that US NFP climbed by 162K in August, versus an upwardly revised rise of 21K prior, above the market consensus of 56K. Meanwhile, the Unemployment Rate in the US held steady at 4.1% during the same period. Investors are now awaiting PPI and CPI data later this week for further clues on the Fed?s policy path. Currently, the yellow metal is quoting at $4468.40 an ounce, lower by 0.18% on the day while silver is holding at $67.29, up 0.8% on the day.

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