Precious Metals Preview: COMEX gold and silver slide on renewed tensions in West Asia

Precious metals lost sheen in early Asia on Monday as dollar recovered after President Donald Trump announced a blockade of the Strait of Hormuz following the failure of weekend peace talks between the US and Iran. As per reports, Vice President JD Vance left Islamabad without securing an agreement with Iranian counterparts. Renewed fears of surging inflation and higher interest rates amid inflated energy prices are driving investors to dollar for respite. The yellow metal is currently quoting at $4743.10 an ounce, down almost 1% while silver futures are down over 2.65% at around $75 per ounce. Gold is down more than 10% since the conflict began.

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