Precious Metals Preview: COMEX gold hovers around lifetime high levels
COMEX gold futures are hovering around record high levels on Wednesday morning in Asia amid rising rate cut bets following US inflation data which showed that headline inflation rose 0.3% month-over-month and 2.7% year-over-year in December. Meanwhile, core CPI, which excludes volatile food and energy prices, increased 0.2% m/m and 2.6% y/y, slightly below forecasts. Traders will take more cues from the US Retail Sales and Producer Price Index (PPI) data later in the day. Uncertainty surrounding the US central bank amid renewed threats by the US President Donald Trump administration is also adding to safe haven demand for the yellow metal that is currently quoting at $4632.90 an ounce, up 0.73% on the day.
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