Precious Metals Preview: COMEX gold attempts recovery in early Asia

COMEX gold is attempting to recover on Friday morning in Asia as dollar steadied after a sharp rally but still is on track to decline more than 2% for the week. Surging Treasury yields and firm dollar on expectations that the Federal Reserve may need to raise interest rates further to curb inflation is keeping the yellow metal under pressure. However, energy markets turned lower amid reports that the United States and Iran are considering a phased agreement, mediated by Qatari officials on the sidelines of the UN General Assembly, that could lift the US blockade on Iranian ports and reopen the strategic Strait of Hormuz. Currently, the counter is quoting at $4325.20 an ounce, up 0.63% on the day. Silver is up 0.73% at $64.47 per ounce.

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