Precious Metals Preview: COMEX gold and silver futures extend decline on Federal rate hike bets

COMEX gold and silver futures extend downside on Tuesday morning in Asia as elevated expectations for a Federal interest rate hike lends additional support to the greenback and exerts downward pressure on the bullion. The precious metal is on course to lose more than 11% this month and around 14% this quarter, marking its steepest quarterly decline on record. Meanwhile, markets also look forward to resumption of US-Iran peace talks in Doha that could help ease inflation concerns. Currently, the yellow metal is trading lower by 1.4% at $4030.50 an ounce whereas silver is down 1.75% at $58.76 an ounce.

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