Commodities
Home›Commodities›Precious Metals›Gold jumps $61 and silver tops $60 on US-Iran de-escal…
Gold jumps $61 and silver tops $60 on US-Iran de-escalation hopes
Comex gold rose to $4,151 an ounce intraday, while investors also reduced the implied odds of a September Fed rate hike to 57% as US labor and trade data came in softer.
Gold and silver prices climbed on August 4 as investors tracked diplomatic efforts to ease US-Iran tensions, which also lifted hopes for the Strait of Hormuz to reopen. LiveMint Markets said gold futures on Comex rose $61 to an intraday high of $4,151 per troy ounce, while silver futures advanced $2.35 to $60.24 per ounce.
The precious metals rally was supported by lower crude oil prices, easing inflation concerns and reducing pressure on the US Federal Reserve to raise rates. LiveMint Markets added that optimism strengthened after US Treasury Secretary Scott Bessent said an agreement to reopen the Strait of Hormuz could be reached “today or tomorrow,” echoing comments from President Donald Trump.
Investors also took cues from US macro data, including job openings easing in June and a narrower trade deficit as imports declined. LiveMint Markets reported that this lowered the implied probability of a September Federal Reserve rate hike to 57%, with traders now looking ahead to the ADP employment report and Friday’s nonfarm payrolls for more signals on the Fed’s policy path.
In parallel, the outlet noted that US Fed policy has remained a key driver of precious metal volatility during 2026, since higher interest rates typically weigh on non-yielding assets like gold through rising opportunity costs. It also cited remarks from New York Fed President John Williams that he expects inflation pressures to ease gradually, but the central bank would not hesitate to raise rates if inflation does not track lower.
Latest closeGold $4,106.70 ▲1.4%|Silver $58.28 ▲1.2%|WTI crude $80.00 ▼5.5%