Precious Metals Preview: COMEX gold holds decline near two-month low after 4% slump

COMEX gold and silver price declined as ongoing uncertainty surrounding US-Iran negotiations kept oil prices elevated. This persistent pressure on energy costs has heightened expectations that the Federal Reserve (Fed) will need to tighten monetary policy further to combat inflation. The surge in oil prices resumed after Iranian officials expressed doubt about reaching an agreement prior to the upcoming US midterm elections in November. The yellow metal is holding losses around a two-month low at $4166.80 an ounce while silver is down over 1% at $61.02 an ounce. Yesterday, gold futures slumped nearly 4%.

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