COMEX gold futures are holding around a two-week high on Wednesday morning in Asia as dollar is seen pressured on growing expectations of a Federal rate cut in the upcoming FOMC. Recent data points to weakening signs in US economy and soft labour market and are seen setting stage for a near term rate cut which is boosting the yellow metal. Moreover, data released by the Institute for Supply Management (ISM) yesterday revealed that the Services PMI eased to 50.1 in July, versus 50.8 prior.US treasury yields are lingering around a 3-month low and dollar index stays weak below 99 mark. Currently, the precious metal is seen quoting at $3432.80 an ounce, down marginally on the day.

Powered by Commodity Insights