Precious Metals Preview: COMEX gold and silver linger under psychological $4K and $50 mark respectively

COMEX gold and silver futures are steadying around a one-year low on Wednesday morning in Asia. Investors tracked Middle East diplomacy and await the outcome of US midterm elections for fiscal policy clues. Gold is holding under $4k mark at $3945 per pounce while silver plunged over 1% at $49.25 per ounce. Meanwhile, the World Gold Council report released on Tuesday showed that central banks bought gold at the fastest pace since the end of 2024 in the third quarter (Q3), even as the metal faced pressure from higher oil prices and interest rates.

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