Precious Metals Preview: Gold stays dismal around $4300 mark as dollar stands tall

COMEX gold continue to hold around $4300 an ounce mark on Thursday morning in Asia as dollar spiked above 101 mark as stronger-than-expected US private-sector data heightened inflation concerns and strengthened expectations for further Federal Reserve rate hikes. Meanwhile, oil price also spiked yesterday following tensions between the US and Iran at the United Nations General Assembly (UNGA) after Trump stated that Iran faces a choice of diplomacy or total destruction. Iranian President Masoud Pezeshkian too maintained a firm stance, saying Tehran would not allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. The yellow metal is currently quoting at $4319.30 an ounce while silver is down half a percent at $64.58 an ounce.

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