Precious Metals Preview: COMEX gold and silver gain traction in early Asia

COMEX gold and silver futures gained traction in early Asian trades on Wednesday, after US President Donald Trump announced on Tuesday that he would indefinitely extend the ceasefire with Iran to allow the two countries to continue peace talks to end the war. Dollar index pulled back slightly benefiting gains in the precious metals to recover from a one-week low. Currently the yellow metal is quoting at $4777.10 an ounce, up over 1% on the day and silver is holding higher by 2% at $78.10 an ounce. Meanwhile, the U.S. Commerce Department reported a notable increase in retail sales for March, which rose by 1.7%, higher than February?s adjusted figure of 0.7%. Over the course of a year, retail sales have increased by 4%. Core retail sales, which exclude vehicle sales, also saw a significant rise of 1.9% in March, again surpassing the forecast of 1.4%.

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