Precious Metals Preview: COMEX gold and silver futures slump as inflation concerns trigger rate hike bets

COMEX gold slumped to its lowest level in nearly four weeks on Wednesday morning in Asia following a sharp rise in global bond yields and dollar index. Surging oil prices following escalating hostilities between the United States and Iran is driving inflationary concerns and the likelihood of potential interest rate hikes. Meanwhile, economic data from the US shows July JOLTS job openings fell below market expectations at 7.27 million, while the ISM Manufacturing PMI eased slightly from 55.6 to 54.6 in August. Currently, the yellow metal is trading at $4338.00 an ounce, down 1.33% on the day. Silver futures are also down nearly 2% at $64.11 per ounce.

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