Precious Metals Preview: COMEX gold and silver futures add to recent streak of gains

COMEX gold and silver futures stay upbeat on Monday morning in Asia, adding to recent streak of gains as dollar stays subdued after softer than expected US data last weekend. Data released last week showed US nonfarm payrolls increased by just 57,000 in June, the smallest gain in four months and well below forecasts of 110,000, reducing bets on a September rate hike. The dollar index is quoting well below 101 mark, supporting gains in the precious metals. Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing on Sunday, which is expected to ease inflationary concerns. Currently, the yellow metal is quoting at around one and half week high at $4177.40 an ounce, Silver futures are also holding at $62.39 per ounce.

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