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Gold and silver rise as Middle East tensions lift demand
Comex gold climbed $23 to an intraday high of $4,073, while silver gained about $1 to $58.98, with both metals up on the week.
Gold and silver edged higher on July 24 as investors weighed escalating Middle East tensions and expectations of tighter US monetary policy from the Federal Reserve, LiveMint Markets reported.
Comex gold futures rose $23 per troy ounce to an intraday high of $4,073, while Comex silver futures also rebounded, gaining around $1 per troy ounce to $58.98 after Thursday’s decline.
Both metals attracted strong weekly buying interest, with gold up about 1.3% and silver up 4.5% so far this week, as the market moved to potentially end a two-week losing streak if gains hold through Friday’s close.
The broader backdrop included intensifying conflict involving the US and Iran, continued attacks linked to the Strait of Hormuz, and reports of strikes on shipping in the Red Sea, which investors said helped lift oil prices and raised inflation concerns ahead of the Fed’s meeting next week.
Latest closeGold $4,051.10 ▼2.3%|Silver $57.84 ▼3.6%