COMEX gold is losing some momentum around record high levels on Thursday morning amid renewed strength in dollar overseas. The precious metal retreats from seven-week highs amid some profit-taking at higher levels. However, persistent geopolitical tensions and rising possibility of Federal rate cuts could limit downside in the precious metal. The release of the US Consumer Price Index (CPI) inflation data alongside US weekly Initial Jobless Claims to be released later in the day will be watched. The yellow metal is currently quoting at $4364.60 an ounce, down 0.21% on the day.
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