Precious Metals Preview: COMEX gold hovers above $4700 an ounce mark

COMEX gold extends gains on Thursday morning in Asia following a near 3% surge in the previous session. Weakness in dollar index under 98 mark is benefiting gains in the yellow metal. Increasing prospects of an agreement between the US and Iran that could ease inflationary concerns is seen supporting gains in the precious metal. Oil prices tumbled, easing concerns over inflationary pressures and reducing expectations that central banks would need to maintain restrictive policies for longer. Gold futures are currentky seen hovering above $4700 mark while silver is also holding well above $78 an ounce mark.

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