Precious Metals Preview: COMEX gold and silver futures halt decline near two-month low

COMEX gold and silver futures on Monday morning in Asia are pausing sharp decline witnessed over the weekend but continues to stay deeply in negative terrain. Gold and silver futures plummeted to its lowest level in over two months of Friday as dollar index surged on stronger than expected jobs data that increases prospects for a Federal rate hike. Ongoing uncertainty in the Middle East also continues to support safe-haven demand in the currency. Jobs data showed the US economy added 172,000 positions in May, far exceeding forecasts. The report pushed Treasury yields higher, with the 10-year yield rising above 4.5% fueling concerns that elevated borrowing costs could weigh on economic growth and investment. Meanwhile, lack of any concrete settlement on US and Iran war front that is keeping oil prices elevated is also adding to inflationary pressures and flocking inventors to dollar for respite. COMEX gold is currently seen quoting at $4339.90 an ounce, down 0.65% after an over 3% slide on Friday. Silver is down more than 2% this morning after having tumbled nearly 7% to $68 per ounce on Friday.

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