Precious Metals Preview: COMEX gold and silver accentuate gains in early Asia but set for weekly loss

Gold and silver futures are extending gains on Friday morning in Asia tracking a pull back in greenback overseas. Besides, persistent concerns surrounding Middle East conflicts keep the safe haven commodities supported. COMEX gold is trading at $5143.50 an ounce, up 1.31% on the day whereas silver futures are up over 3% at $84.55 per ounce. However, the yellow metal is set for a weekly decline of over 2% as firm dollar during this period on inflation concerns weighed on the metal. Moreover, recent US data also signaled strong economic momentum, with lower jobless claims, stronger productivity, fewer job cuts, and faster-than-expected services sector growth.

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