Precious Metals Preview: COMEX gold and silver extend temporary upside in early Asia

COMEX gold extends upside following an over 1.5% rise in the previous session as persistent geopolitical concerns aid to safe haven demand for the yellow metal. However, dollar holding near 102 mark as energy-driven acceleration in US inflation lifts market bets for an imminent rate hike by the Federal Reserve, could weigh on the metal. After a broad increase in consumer prices in US, producer price index also advanced 1.3% last month, marking the largest gain since March 2022, and the yearly rate soared to 6.3%. Excluding the volatile food and energy components, the core PPI climbed 0.7% and 5% on a monthly and yearly basis, respectively. Currently, the precious metal quotes at $4193.20 an ounce, up over half a percent on the day while silver climbed more than 1% at $57.82.

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