Precious Metals Preview: COMEX gold deepens slide near two and half month low under $4300 an ounce

Intensifying concerns in Middle East are adding to inflationary concerns and further weighing on precious metals. The US reportedly launched new strikes against Iran, driving oil prices higher and fueling inflation concerns. COMEX gold is extending sharp slide seen overnight and is down more than 2% and quoting at $4201.20 an ounce in early Asia on Wednesday. Both gold and silver futures dropped to its lowest level since March 23 as rising energy costs linked to the conflict have heightened fears of persistent inflation and the possibility of further central bank tightening, weighing on non-yielding assets. Silver is also down nearly 2% at $64.12 per ounce.

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