Precious Metals Preview: COMEX gold and silver futures jump on dollar retreat as ceasefire brings temporary relief

COMEX gold and silver jumped higher on Wednesday morning in Asia as dollar and oil plunged after Trump announced that he would suspend planned military strikes against Iran for two weeks, subject to Tehran agreeing to fully reopen the Strait of Hormuz. This weighed heavily on dollar index which is trading under 99 mark at 98.77, down around 1% on the day. Gold jumped to a three week high of $4830 an ounce, up over 3% on the day. Meanwhile silver was up more than 4% at $76.37 an ounce. Going forward in the global day, the Federal Open Market Committee (FOMC) Minutes will be in the spotlight.

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