Precious Metals Preview: COMEX gold and silver futures gain momentum in early Asia

COMEX gold and silver futures gain slight momentum in early Asian trades on Tuesday on hopes of a potential diplomatic resolution to the US and Iran conflict. Investors, however, remain worried about energy-driven inflation, which could force the US Federal Reserve (Fed) to stick to its hawkish stance and support the USD. Restricted traffic through the Strait of Hormuz has also caused significant disruptions to global oil supplies. DXY is edging closer to 101 mark that is expected to cap gains in the precious metals. Currently, the yellow metal is quoting at $4050.30 an ounce, up 0.86% on the day. Silver is also up 1.70% at $58.02 an ounce.

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