Precious Metals Preview: COMEX gold and silver futures linger near eight-month low

COMEX gold and silver futures are both lingering around an eight month low as re-escalation of Middle East crisis is pushing oil prices higher and deepening inflation worries. The yellow metal slipped under $4k an ounce mark and silver is down more than half a percent this morning at around $55.80 an ounce. Silver is on track to drop over 7% this week. The precious metals extends its downside as rising tensions in the Middle East raise inflation concerns and reinforce expectations of elevated US interest rates. The developments surrounding Middle East conflicts overshadow recent optimism over easing inflation.

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