Precious Metals Preview: COMEX gold and silver falter amid soaring oil prices

COMEX gold slumped under $4400 mark on Friday as soaring oil prices and accelerating US producer prices data are increasing bets for a Federal rate hike. Oil futures were boiling at its highest level since May driven by escalatory strikes between Iran and the US. DXY is also seen supported near 99 mark and weighing on precious metals. Producer prices in the US increased 0.4% mom in August 2026, following an upwardly revised 0.1% rise in July and in line with expectations. Treasury yields also moved higher after data showed US producer inflation accelerated in August as the Iran war drove up wholesale energy prices, with markets now awaiting the latest consumer inflation data. Currently, the yellow metal is quoting at $4356.30 an ounce, down more than 1% on the day while silver futures are down around 2% at $63.72 per ounce.

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