Gold Prices Retreat Below $5,200 per Ounce, Silver Stabilizes Around $85 per Ounce.

Gold and Silver Prices Surge Amid Ongoing US-Iran Conflict

Gold Price: $5,187 per ounce (up 1% from previous day) Silver Price: $85.12 per ounce (up 2.5% from previous day)

The ongoing US-Iran conflict has driven gold and silver prices higher, with investors seeking safer assets amidst the escalating tensions. The war in the Middle East, which has entered its sixth day without a resolution, has resulted in the shutdown of the Strait of Hormuz, disrupting global energy supply routes.

Market Analysis:

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

• The US dollar index retreated to 98, making dollar-denominated commodities more appealing to overseas buyers.
• Inflation worries eased somewhat after data showed the U.S. services sector grew at its fastest pace since mid-2022, supported by strong growth in orders and business activity.
• Expectations for the next rate cut by the US Federal Reserve have been deferred to September from earlier projections of July, though investors are still factoring in two 25-basis-point reductions this year.

Expert Insights:

• Jateen Trivedi, VP Research Analyst at LKP Securities, believes that volatility in gold and silver is expected to remain elevated due to the ongoing Western Asia conflict and failed US–Iran nuclear talks.
• Ponmudi R, CEO of Enrich Money, notes that the broader bullish framework for gold remains intact, supported by strong momentum and sustained breakout continuation from previous consolidation zones.
• According to Ponmudi, COMEX Gold is currently trading within the $5,000–$5,400 range, maintaining a sequence of higher highs and higher lows, with strong buying interest visible within the $5,100–$5,200 support band.

Silver Prices Outlook:

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

• Ponmudi notes that the broader bullish structure for silver remains intact on higher timeframes, with prices having reclaimed major moving averages and signalling a transition from correction toward renewed strength.
• COMEX Silver is currently trading in the $80–$90 zone, following a strong recovery from recent lows, with a sustained move above $96–$100 potentially reigniting momentum toward $110–$115.