Precious Metals Preview: COMEX gold tumbles under $4k mark

COMEX gold futures tumbled under $4k mark on Thursday morning in Asia as dollar stays firm on persistent inflation that forces US Federal Reserve (Fed) to maintain its tightening policy. Higher than expected US inflation figures strengthened expectations that the Fed will raise interest rates next month. Higher interest rates typically undermine the precious metal by making interest-bearing assets more attractive. Going forward, markets will await US October Producer Price Index (PPI) inflation data on Friday for fresh impetus. The yellow metal is currently quoting at $3986.30 an ounce, down 0.35% on the day while silver futures are down more than 1% at $51.48 an ounce. On the MCX, December gold futures are trading lower than Rs 140000 per 10 grams. Silver is staying flat around Rs 185000 per kg mark.

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