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Precious Metals Preview: COMEX gold extends pullback in early Asia
28-Apr-2025 08:51

COMEX gold is seen extending pullback in early Asia on Monday as dollar stays on recovery mode amid a possible de-escalation of trade tensions between US and China. The yellow metal gave up recent streak of gains that led the commodity to hit fresh lifetime highs above $3500 mark and is seen retreating from thereon. Nevertheless, IMF report last week suggested that Trump policies could push US and the global economy into recession which may keep sentiments for the safe haven metal supported. Currently, the counter is quoting at around $3300 an ounce whereas dollar index is holding above 99 mark. Preliminary reading of US GDP for the first quarter is due later on Wednesday while on Friday, the attention will shift to the US April employment report, including Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings. MCX gold continues to stay supported above Rs 95k per 10 grams.

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