COMEX Gold was last trading at $4,541.50 per ounce, up $18.30 or 0.40%, after hitting an intraday high of $4,583.30 an ounce. COMEX Silver climbed 1.41% to $77.270 per ounce, outperforming gold in international trade.
The gains in precious metals came as geopolitical uncertainty in the West Asia continued to support safe-haven demand. Fresh US strikes in southern Iran and ongoing diplomatic talks between Tehran and Washington kept markets on edge, even as both sides signalled efforts toward a possible agreement.
At the same time, Brent crude futures rose nearly 2% in Asian trade, reflecting concerns over potential supply disruptions and continued tensions around the Strait of Hormuz.
Higher oil prices have added to worries that inflation could remain elevated globally, potentially forcing central banks, including the US Federal Reserve, to keep interest rates higher for longer. While gold is traditionally viewed as a hedge against inflation and geopolitical uncertainty, higher interest rates tend to limit gains in non-yielding assets such as bullion.
Markets are currently pricing in the possibility of another US Federal Reserve rate hike before the end of the year, according to CME FedWatch data.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said global bullion sentiment remained supported by geopolitical developments and currency movements.
In India, he sees immediate support for gold near ₹1.58 lakh per 10 grams on MCX, while resistance remains around ₹1.60 lakh per 10 grams.
Silver, meanwhile, drew additional support from industrial demand expectations alongside broader safe-haven buying, helping the metal post stronger gains than gold during the session.
-With Reuters inputs
