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Precious Metals Preview: COMEX gold rebounds after a near 2% drop yesterday
02-Jun-2026 09:02

COMEX gold ticked marginally higher in early Asia on Tuesday, as Iran deal uncertainty pushed up safe-haven demand for the yellow metal. However, renewed Middle East war concerns that have pushed up oil prices could drive inflationary pressures and weigh on metal prices. Iranian negotiators will stop exchanging messages with the United States (US) through intermediaries, and Iran will move to fully close the Strait of Hormuz, in retaliation for ongoing ceasefire violations, as per media reports. Meanwhile, the US employment data for May will be in the spotlight later on Friday. Currently, gold futures are holding at $4526.40 an ounce, up 0.30% on the day, following a near 2% drop yesterday. Silver also edged higher to $75.63 per ounce this morning.

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