Precious Metals Preview: Gold and silver futures edge lower as elevated oil prices reignite inflationary concerns

COMEX gold and silver futures edged lower in morning trades on Wednesday as rising oil prices once again reignited fears of inflation and weighed on the metal prices. Prolonged closure of the Strait of Hormuz could drive energy prices higher and intensify global inflationary pressures, reinforcing expectations that the Federal Reserve will maintain elevated interest rates for an extended period. Investors are now anxiously awaiting Friday?s Nonfarm Payrolls report for definitive clues on the future trajectory of monetary policy. Currently, gold futures are quoting at $4512.60 an ounce, down 0.14% on the day. Silver futures are also trading lower at $75.34 an ounce.

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