Precious Metals Preview: Gold and silver futures struggle to gain momentum

COMEX gold and silver are seen struggling to gain momentum in early Asia on Tuesday awaiting clarity on US-Iran led Middle East tensions. Outcome of second round of negotiations between the two countries reportedly scheduled to take place this week is also keenly awaited. However, the continued closure of Strait of Hormuz accelerates inflationary concerns that typically weighs heavily on gold prices. Currently, the yellow metal is quoting at $4817 an ounce, down slightly on the day while silver futures are down more than 1% at $78.87 an ounce.

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