Precious Metals Preview: COMEX gold climbs above $4600 in early Asia

COMEX gold prices edged higher this morning amid persistent uncertainty in Middle East after clashes involving ships in the Strait of Hormuz and missile strikes against the United Arab Emirates (UAE). A pull back in oil futures and dollar is seen benefiting the yellow metal to some extent. However, ongoing US-Iran conflict in the Strait of Hormuz might cap the upside for Gold. Meanwhile, traders will closely monitor the US employment data for April later on Friday. Currently, the counter is quoting at $4654.90 an ounce, up 1.75% on the day.

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