Precious Metals Preview: COMEX gold stays pressured by renewed conflicts between US and Iran that is pushing oil prices higher

Precious metals once again came under pressure as oil prices rebounded late yesterday due to renewed conflicts between the United States (US) and Iran. The US military reportedly claimed to have successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, investors are now shifting focus to Federal Reserve?s monetary policy decision amidst the ongoing turmoil. Higher oil prices typically boost inflation expectations and force global central banks to lean towards higher or steady interest rates. The greenback also held to recent gains which is adding some pressure on the yellow metal which is currently quoting at $4023.80 an ounce, down 0.37% on the day whereas silver is steadying around $57.63 an ounce mark.

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