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Gold holds above $4,300 as Middle East tensions offset stronger dollar
Spot silver rose about 1% to $64.15 an ounce as the dollar index ticked up 0.2%, while oil pushed higher on Strait of Hormuz reopening uncertainty.
Gold and silver prices were volatile in early trading Monday, Aug. 10, as investors weighed mixed Middle East developments against a firmer US dollar and rising crude. Spot gold held steady above $4,300 an ounce, while spot silver climbed about 1% to $64.15 an ounce, according to LiveMint Markets.
The dollar index rose 0.2%, making dollar priced gold more expensive for buyers using other currencies. At the same time, crude oil climbed about 1% to trade above $84 a barrel as uncertainty persisted around efforts to reopen the Strait of Hormuz, according to the report.
On India’s Multi Commodity Exchange (MCX), gold October futures were largely unchanged at ₹1,51,870 per 10 grams, while silver September futures gained 0.90% to ₹2,33,532 per kg. The article linked the precious metals pressure and support to ongoing US-Iran tensions that could keep oil elevated, lift inflationary pressures, and influence expectations for Federal Reserve interest rates.
Investors were also looking ahead to key US economic data, with the CPI due on Wednesday and the PPI on Thursday. Separate US labor data showed nonfarm payrolls fell by 23,000 last month, following a combined downward revision of 1,03,000 jobs for May and June, the outlet said.
Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|WTI crude $78.07 ▲3.8%