Precious Metals Preview: COMEX gold and silver pulls back in early Asia

COMEX gold and silver stay largely steady but registering a mild pull back in early trades on Wednesday following a jump registered in the previous session. Precious metals rebounded late yesterday after softer-than-expected US inflation data reduced expectations for Federal Reserve interest rates hikes. The annual US inflation rate slowed to 3.5% in June from 4.2% in May. Meanwhile, Fed Chair Kevin Warsh reiterated the central bank?s commitment to restoring price stability during congressional testimony on Tuesday. Dollar index also fell below 101 mark. Currently, the counter is quoting at $4043.00 an ounce, down 0.66% on the day. Meanwhile, silver is down almost half a percent at $58.82 per ounce.

Powered by Commodity Insights