Commodity

COMEX gold is staying largely flat near $4500 mark this week awaiting clarity on a deal between US and Iran. Elevated crude oil prices and ensuing higher inflation and interest rate scenario is adding pressure on the precious metals. Meanwhile, dollar index staying firmly above 99 mark is also weighing on the yellow metal. The US Dollar Index, an index of the value of the US Dollar measured against a basket of six world currencies, currently trades near 99.25 during the early Asian trading hours on Friday. Data released by the US Department of Labor on Thursday showed that the number of Americans filing claims for unemployment benefits fell last week, indicating labor market resilience and providing the Federal Reserve (Fed) with room to focus on rising inflation. Currently, the counter is quoting at $4523 an ounce, down 0.42% on the day. Silver futures are also trading lower at $76.48 an ounce.

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