COMEX gold and silver futures traded lower in Asian hours on Wednesday, pressured by persistent strength in crude oil prices that has renewed concerns over global inflation. Rising energy costs, fueled by escalating geopolitical tensions in the Middle East, have pushed government bond yields higher, with the U.S. 30-year Treasury yield touching a 19-year peak and sovereign yields across major economies climbing to multi-decade highs.

Market sentiment remains cautious after U.S. President Donald Trump reportedly stated that no talks are currently underway with Iran, while Iranian forces have intensified attacks on commercial shipping in the Strait of Hormuz, heightening supply disruption risks and supporting oil prices.

Investors are now focused on the release of the Federal Reserve’s July meeting minutes and comments from Fed Chairman Kevin Warsh at the Jackson Hole symposium, which could provide fresh insights into the central bank’s policy direction and interest-rate outlook.