Precious Metals Preview: Silver spurts over 5% in early Asia but still set for weekly slide of over 2%

Precious metals rebounded well in early Asian trades on Friday as dollar index was weighed down by reduced safe-haven demand as President Donald Trump said a peace agreement with Iran could be signed as soon as this weekend. Sharp drop in oil prices amid improving optimism of a peace deal could ease concerns about stubborn inflation and the need for interest rate hikes in near futures, is seen benefiting the metals. Currently, the yellow metal is seen quoting at $4224.50 an ounce, up 2.5% on the day. Meanwhile, silver spurted more than 5% at $67.34 per ounce. Despite the sharp rebound the counter is set for a weekly fall of over 2% while gold is likely to register an over 3% weekly decline.

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