Precious Metals Preview: COMEX gold and silver futures rebound after sharp plunge yesterday

COMEX gold and silver futures edged higher on Friday morning in Asia following a sharp slide in the previous session. Renewed gains in dollar overseas, supported by heightened uncertainties over the Middle East conflict and its effects on oil prices, inflation, and economic growth added some pressure on precious metals yesterday. Gold fell around 4% but recovered some losses and is currently quoting at $4425.50 an ounce, up over 1% this morning. Silver futures are also up 1.13% at $68.89 per ounce after a 6.5% slump in the previous session. Iran?s reported rejection of a US-proposed ceasefire deal is fueling uncertainty, while ongoing military exchanges in the region maintain a strong risk-off environment. Oil prices are stoking global inflation concerns, pushing US Treasury yields higher and reducing appeal for precious metals.

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