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Precious Metals Preview: COMEX gold and silver futures pull back in early Asia
23-Jul-2026 09:21

COMEX gold and silver pulled back from a two-week high in early Asian trades on Thursday amid soaring oil prices on the back of escalating tensions in Middle East. Higher oil prices are keeping inflation pressures elevated and reinforcing expectations that interest rates could stay higher for longer. Iran-backed Houthi militants reportedly claimed attacks on two Saudi oil tankers in the Red Sea, raising risks of broader energy supply disruptions, while President Trump warned of strikes on Iranian infrastructure if shipping through the Strait of Hormuz is targeted. The yellow metal is currently quoting at $4131.60 an ounce, down half a percent ton the day while silver futures are holding around $60 per ounce mark.

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