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Precious Metals Preview: COMEX gold retreats under $3400 mark as dollar gains momentum
09-May-2025 08:47

COMEX gold futures gave up this week's gains above $3400 and receded back below the level as dollar gained momentum amid rising optimism surrounding US-China trade deals and as US Fed maintained hawkish stance on interest rates going forward. The dollar index climbed well over 100 mark amid news of a US-UK trade deal and upbeat US data. US jobless claims fell to 228,000, beating market expectations and suggesting labor market strength. Meanwhile, BoE cut interest rates by 25 bps further boosting greenback against the pound. Currently, gold futures are quoting at $3311.00 an ounce, up 0.15% on the day.

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