Precious Metals Preview: Safe haven demand amid Middle East tensions keep metals supported

Gold and silver futures advance on Wednesday morning in Asia after tumbling in the previous session as dollar strengthened on concerns of surging inflation in US resurfaced. The greenback climbed to a three-month high above 99 mark as rising oil prices triggered inflation concerns that reduced likelihood of Federal rate cut anytime soon. However, persistent tensions in the Middle East kept demand for the yellow metal supported. Currently, the counter is quoting at $5166.60 an ounce, up 1% on the day. Meanwhile, silver also rose to $84.03 an ounce.

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