Commodities
Geopolitics Boost Gold and Silver Prices Amid Elevated Oil Rates
Gold and silver prices rose on August 12 as investors sought safe-haven assets due to geopolitical tensions.
The COMEX gold futures price increased by 0.35% to $4,456.70 an ounce, while silver gained 0.49% to $65.25 an ounce.
Oil prices also remained elevated, with US crude rising 0.89% to $83.94 a barrel and Brent gaining 0.78% to $89.60.
The upcoming US consumer price index data is expected to influence expectations around the Federal Reserve's interest-rate path, which could impact gold prices.
However, some analysts warn that gold's recent rally has become technically stretched, with a gain of about 8% in August and a move above its 50-day moving average.