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Comex gold jumps $73, silver rises $2.55 on US-Iran ceasefire hopes
Comex gold futures hit an intraday high of $4,088 per troy ounce, while traders also weighed elevated Brent crude above $91 a barrel and the Fed’s upcoming rate decision.
Gold and silver prices rose on Tuesday as renewed diplomatic efforts to broker a ceasefire between the US and Iran boosted sentiment in the precious metals market, according to LiveMint Markets. Mediators have reportedly proposed a 10-day ceasefire, with an Iranian official saying Tehran received the proposal as part of efforts to salvage an interim agreement.
Comex gold futures climbed $73 per troy ounce to an intraday high of $4,088, while silver futures advanced $2.55 to $59.55 per troy ounce. The report also noted that traders assessed how easing geopolitical tensions could affect crude oil prices, which have remained elevated.
LiveMint Markets said crude prices stayed higher as fighting around the Strait of Hormuz intensified, with Brent crude climbing above $91 a barrel. It also cited US President Donald Trump saying Iran “will pay” for the deaths of three US service members, while he added there was no interest in meeting until Tehran is ready in a meaningful way.
The move in precious metals was also framed against expectations for the US Federal Reserve, with investors awaiting the central bank’s interest rate decision and Chair Kevin Warsh’s comments after next week’s two-day meeting, LiveMint Markets said. The report added that the market is pricing a roughly 68% probability of a rate hike at the September meeting and that a stronger US dollar lifted demand.
Latest closeGold $3,981.40 ▼1.6%|Silver $55.72 ▼2.4%|WTI crude $79.00 ▼0.8%