Precious Metals Preview: COMEX gold and silver tumble as oil prices surge

COMEX gold is extending downside on Thursday morning in Asia as oil prices continue to accelerate amid escalating tension in Middel East. Crude oil prices climbed following a drone attack on Saudi Aramco?s Shaybah oil field that resulted in two casualties. The incident has intensified geopolitical tensions in the Middle East and amplified concerns regarding potential energy supply disruptions. The yellow metal is currently quoting at $4111.40 an ounce, down almost 1% on the day. Silver, meanwhile, is down more than 2% at $56.49 per ounce.

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