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Gold and silver rise as Middle East tensions ease and oil cools
Comex gold added $49 to $4,119 a troy ounce, while Comex silver gained about $1.50 to $60.39 ahead of the Fed’s two day policy meeting on 28-29 July.
Gold and silver prices edged higher on 27 July as a pause in Middle East hostilities eased pressure on crude oil, according to LiveMint Markets. The report linked the move to a cooling of inflation worries as investors assessed whether geopolitical tensions will de-escalate further.
Comex gold futures rose $49 per troy ounce to an intraday high of $4,119, while Comex silver futures recovered, up about $1.50 to $60.39. In the domestic market, near-month MCX gold climbed ₹1,124 per 10 grams to an intraday high of ₹1,44,230 and extended its winning streak to a second session.
The metals gained traction after oil prices cooled sharply, with Brent crude futures falling nearly 10% intraday after the US paused attacks on Iran for a third straight day. Iran also announced it had suspended its military response, raising hopes that tensions in the region may ease and reviving expectations of renewed interim ceasefire talks.
Investors are also shifting attention to the US Federal Reserve’s policy meeting on 28-29 July, with expectations that rates will be left unchanged. LiveMint Markets noted that markets will watch Fed Chair comments, with expectations for a tighter stance beyond July remaining elevated.
Latest closeGold $4,055.70 ▲0.2%|Silver $58.49 ▲1.2%|WTI crude $90.47 ▼1.9%