Precious Metals Preview: COMEX gold and silver downbeat as oil stays elevated

COMEX gold and silver futures are staying downbeat on Wednesday morning in Asia as oil prices stay elevated renewing concerns on inflation. US 30-year Treasury yield reached a 19-year high this week, while sovereign yields across other major economies also climbed to their highest levels in decades with rising energy prices on escalating U.S.-Iran tensions further stoking inflation worries. President Donald Trump reportedly said there were no ongoing talks with Tehran, while Iranian forces have intensified attacks on shipping in the Strait of Hormuz. Markets now await minutes from the Federal Reserve?s July meeting and remarks from Chairman Kevin Warsh at the annual Jackson Hole symposium for fresh clues on the monetary policy outlook.

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