Precious Metals Preview: Gold Under $1300 Levels In Asian Trades

COMEX Gold extended losses yesterday as global equities stayed supported following the historical joint agreement signed by the US president Donald Trump and North Korean leader Kim Jong Un in Singapore. President Trump and Kim conducted a comprehensive, in-depth, and sincere exchange of opinions on the issues related to the establishment of new US-DPRK relations and the building of a lasting and robust peace regime on the Korean Peninsula. President Trump committed to provide security guarantees to the DPRK, and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula. This hurt the safe haven demand for Gold. Economic data was also tepid for Gold. A report released by the Labor Department on Tuesday showed another modest increase in consumer prices in the U.S. in the month of May. The Labor Department said its consumer price index rose by 0.2 percent in May, matching the increase seen in April. A generally mute undertone in commodities like crude oil and copper also weighed on sentiments and COMEX Gold futures are currently trading at $ 1298 per ounce, down marginally on the day. MCX Gold futures closed at Rs 31157 per 10 grams, down 0.20% on the day.