Precious Metals Preview: COMEX gold down over 1% as US-Iran tensions resurface

COMEX gold slides over 1% in early Asia on Monday as dollar bounced higher amid renewed US-Iran ceasefire breakdown and Strait of Hormuz closure drove oil higher, boosting inflation fears. Iran reportedly reversed the Strait of Hormuz reopening after Trump refused to lift the blockade on Iranian ports. Tehran warned it would soon retaliate against what it described as maritime aggression by US forces. Iranian authorities had briefly indicated on Friday that the Strait would reopen, but reversed the move on Saturday after President Trump refused to lift the blockade on Iranian ports. The yellow metal is currently quoting at $4810.50 an ounce while silver is also struggling at around $80 per ounce.

Powered by Commodity Insights