COMEX gold renewed gains to hit new lifetime high on Friday morning in Asia in tune with weakness in greenback overseas. The dollar index erased recent gains and fell back below 104 mark, supporting the yellow metal. Besides, persistent risk aversion kept demand for the safe haven metal intact and led the commodity to a fresh lifetime high of $3110.80 an ounce, up 0.64% on the day. Tariffs continue to drive risk aversion, following Trump's announcement of 25% duties on cars and automotive parts not manufactured in the United States automobiles. Meanwhile, the final reading of US Q4 2024 GDP came in at 2.3% QoQ, up from the previous estimate of 1.9%, though just below the forecast of 2.4%.

Powered by Commodity Insights