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Gold and silver rise as Middle East tensions ease and oil cools
Comex gold was up $49 to $4,119 per troy ounce, while Comex silver gained about $1.50 to $60.39, after both ended last week with gains up to 4%.
Gold and silver prices edged higher on 27 July as easing Middle East tensions helped cool crude oil and reduce near-term inflation concerns, shifting focus toward the US Federal Reserve's upcoming two day policy meeting on 28 to 29 July, according to LiveMint Markets.
Comex gold futures rose $49 per troy ounce to an intraday high of $4,119, while Comex silver futures recovered by around $1.50 per troy ounce to $60.39. In India, near month MCX gold futures climbed ₹1,124 per 10 grams to an intraday high of ₹1,44,230, extending gains to a second session after adding ₹285 in the prior session.
The report linked the move to a US pause in attacks on Iran for a third straight day, alongside Iran’s announcement that it suspended its military response. It said crude oil prices fell sharply, with Brent crude futures dropping nearly 10% intraday, helping precious metals after they had ended last week up as much as 4% and snapping a two week losing streak.
LiveMint Markets noted that heightened volatility has persisted as Middle East escalation and de escalation have traded places, and that while safe haven demand can support gold and silver, the prior sharp rise in oil boosted inflation worries and improved the appeal of interest bearing assets. Investors, the outlet added, are now watching Fed Chair Kevin Warsh and expectations for tighter policy beyond July, while also looking ahead to the US PCE release after the decision.
Latest closeGold $4,078.90 ▲0.3%|Silver $58.70 ▲0.1%|WTI crude $81.92 ▼8.3%