Precious Metals Preview: COMEX gold descends under $3700 mark
COMEX gold descends under $3700 levels achieved earlier in the week but still holds close to record high levels. The yellow metal is seen tracking dollar that regained footing near 97 mark after policymakers cautioned that persistent inflation could slow the pace of any future cuts. The Fed cut the Federal Funds Rate by 25 basis points (bps) at the end of a two-day monetary policy meeting on Wednesday, lowering borrowing costs to the 4.00% to 4.25% range. Nevertheless, escalating geopolitical tensions in the Middle East could boost the metal. The counter is currently holding at $3687.50 an ounce, up 0.25% on the day after having surged to a new lifetime high of $3744 an ounce this week.
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