Precious Metals Preview: COMEX gold and silver futures extend gains amid persistent geopolitical uncertainties

COMEX gold and silver futures extended gains in Friday morning in Asia amid persistent geopolitical uncertainties. Iranian state news reported that a framework agreement over the management of the Strait of Hormuz would prohibit passage of US, Israeli, and hostile vessels until compensation was paid which dampens hopes for a diplomatic resolution to end the five-month-old US-Iran war and supports the safe-haven. The yellow metal now turns focus and awaits for the release of the crucial US Nonfarm Payrolls (NFP) report. Currently, the counter is quoting at $4319.70 an ounce, up 0.47% on the day and silver is up 1.5% at $62.51 per ounce.

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