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Precious Metals Preview: COMEX gold seen supported near one-month high; Silver above $61 an ounce mark
05-Aug-2026 09:45

COMEX gold and silver futures extend upside on Tuesday morning in Asia tracking downbeat dollar index amid easing oil prices on potential talks on US 'Iran front. US Treasury Secretary Scott Bessent reportedly said that the US could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday and move toward a more normalized position in this conflict. Easing worries over inflation also reduces bets over Fed September rate hike, supporting the yellow metal. Investors now await upcoming US labor market data for further clues on the Fed's policy path. Gold is currently seen quoting at $4192.50 an ounce, up 1% on the day while silver futures are up 1.3% at $61.08 an ounce.

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