Precious Metals Preview: COMEX gold and silver pull back in early Asia; Trump-Xi talks in focus

COMEX gold and silver futures pulled back in early Asia on Thursday as US data reinforced inflationary pressures and higher interest rate scenario for longer, weighing on the yellow metal. Data released by the US Bureau of Labor Statistics on Wednesday showed that the US Producer Price Index (PPI) jumped by 6.0% on year in April, following the 4.3% seen in March. US wholesale inflation accelerated at its fastest annual pace in four years. Meanwhile, investors stay watchfully cautious ahead of the US President Donald Trump-Chinese President Xi Jinping summit in Beijing. Currently, gold is trading lower at $4681.90 an ounce and silver is down over 2% at 87.12 per ounce.

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