Precious Metals Preview: COMEX gold and silver slumps in early Asia

COMEX gold and silver are seen under renewed pressure on Friday morning in Asia as dollar surged near 99 mark following the release of robust US retail sales data, which grew by 0.5% month-over-month in April. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the fifth consecutive day and trading around 99.10 during the Asian hours. Meanwhile, risk sentiment gained momentum after US President Donald Trump expressed optimism on Thursday, stating his hope for a bilateral relationship with China that is stronger and better than ever before, while also noting that President Xi offered assistance in de-escalating the Iran conflict. COMEX gold is currently quoting at $4619.80 an ounce, down 1.5% on the day while silver futures are down over 4% at $81.85 an ounce.

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