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Precious Metals Preview: COMEX gold and silver futures snap four day rally
07-Jul-2026 09:10

COMEX gold and silver futures snap a four day rally and inch lower on Tuesday morning in Asia tracking dollar recovery amid tensions over the Strait of Hormuz. Despite a fragile US-Iran interim agreement, tensions surrounding the Strait of Hormuz remain elevated as Iran seeks to tighten control over the strategic waterway. Nevertheless, DXY is staying well below 101 mark on reduced bets of US Federal Reserve (Fed) rate hike. Meanwhile, US ISM Services PMI fell to 54.0 in June 2026, down from 54.5 in May, indicating solid expansion in US services activity, though at a softer pace, driven by a slowdown in business activity growth. The yellow metal is currently quoting at $4144.30 an ounce, down almost half a percent on the day. Silver is down more than 1% at $61.46 per ounce.

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