Precious Metals Preview: COMEX gold and silver futures rebound on weak US jobs data

COMEX gold attempts recovery but stays below $4200 mark on Monday morning in Asia, amid sustained pressure by a firm dollar overseas. DXY is hovering around a one and half year high above 102 mark. Gold is attempting a rebound after US data showed weaker-than-expected US Nonfarm Payrolls, helping to reduce bets of a sharp Fed rate hike. US NFP rose by 29K in September, according to the US Bureau of Labor Statistics (BLS) on Friday. This figure followed the 133K increase seen in August (revised from 162K) and missed the market expectation of 90K. Elevated oil prices amid ongoing US-Iran conflicts keep inflation concerns intact and thereby is seen weighing on the yellow metal which is currently quoting at $4172.70 per ounce. Silver is also up almost 2% at $61.55 per ounce.

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