On the COMEX, gold rose $27.20, or 0.58%, to $4,713.90 per ounce after touching an intraday high of $4,734.80 an ounce. Silver outperformed, climbing 2.66% to $87.865 per ounce, with prices hitting a session high of $88.580 an ounce.
Market sentiment remained cautious as geopolitical uncertainty continued to support demand for precious metals. US President Donald Trump said on Tuesday (May 12_ that he did not believe China’s assistance would be necessary to end the war with Iran, even as prospects for a lasting peace agreement weakened and Tehran tightened control over the Strait of Hormuz.
US Treasury Secretary Scott Bessent said President Trump and Chinese President Xi Jinping are expected to discuss the Iran conflict during their upcoming meeting and urged China to support international efforts to reopen the Strait of Hormuz for shipping.
Oil prices eased on Wednesday (May 13)
after three consecutive sessions of gains as investors assessed developments around the fragile ceasefire in the Iran conflict, helping moderate some inflation concerns linked to higher energy costs.
Meanwhile, US inflation data showed consumer prices increased further in April, recording the sharpest annual rise in three years. The data reinforced market expectations that the Federal Reserve could keep interest rates elevated for a longer period.
In another key development, the US Senate confirmed Kevin Warsh to a 14-year term as Federal Reserve governor, a move viewed as significant for the central bank’s future leadership trajectory.
India also raised import tariffs on gold and silver to 15% from 6% as part of efforts to reduce overseas purchases and ease pressure on foreign exchange reserves.
According to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions and President of India Bullion and Jewellers Association, markets are now pricing in limited or no Federal Reserve rate cuts through 2026 as inflation concerns persist. Technically, gold is seen targeting the $4,800–$4,850 anounce range, while silver is consolidating near $85 an ounce before a potential move toward $90 an ounce.
-With Reuters inputs
