Precious Metals Preview: COMEX gold and silver downbeat as dollar stays elevated

Precious metals continue to be downbeat on Tuesday morning in Asia as dollar stays elevated amid increased possibility of Fed rate hikes. Rising tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates. Moreover, strong US jobs data boosted expectations of a Federal Reserve (Fed) rate hike. Looking ahead, all eyes will be glued to US Consumer Price Index (CPI) data on Wednesday and the Producer Price Index (PPI) data on Thursday for more clues on the Fed's interest rate path. COMEX gold is holding losses at around $4360.40 an ounce while silver futures are adding to recent streak of losses, down around 1% at $67.76 per ounce.

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