Precious Metals Preview: COMEX gold eases near one-week low

COMEX gold extends slide to around one-week low on Friday morning in Asia as persistent concerns on US and Iran front and the resultant rebound in oil prices are keeping inflationary pressures high. Financial markets are seen worried about the global energy supply disruption due to the blockade on the Strait of Hormuz and Bab al-Mandab Strait, which together account for almost 27% of global energy supply. Meanwhile, easing dollar amid soft inflation data is reducing bets of a Federal rate hike and limiting loses in the counter. Data released yesterday showed US core producer prices increased less than expected in July, offering further evidence that inflationary pressures are not broadly intensifying following Wednesday?s subdued CPI report. The yellow metal is currently quoting at $4381.30 an ounce, down nearly 1% on the day and silver is trading lower by over 1% at $64.20 an ounce,

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