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Precious Metals Preview: Dollar weakness keeps gold supported
05-Mar-2025 08:50

COMEX gold is holding on to levels achieved in the previous session although the yellow metal is currently trading marginally lower on the day at $2918.40 an ounce and failed to capitalize to the extent of dollar weakness. Yesterday, the safe haven metal climbed as investor sentiments turned sour after 25% tariffs on Canada and Mexico and additional 10% duties in China took effect around midnight. Meanwhile, on the US economic front, data sparked recessionary fears. The Atlanta Fed GDP Now Model projects the Gross Domestic Product (GDP) for Q1 2025 at -2.8%, down from 1.6% estimated on Monday. Thus, weakness in dollar could underpin gold prices. Meanwhile, MCX gold futures are higher by Rs 630 above Rs 86000 mark per 10 grams.

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