Gold and Silver Futures Rise Ahead of July CPI and Hormuz Developments

Gold and silver futures rose early Wednesday ahead of the release of July's Consumer Price Index (CPI) data. The markets are also keeping an eye on developments in the Middle East, particularly the situation at the Strait of Hormuz.

The prices of gold and silver have been trending upwards in recent days, with gold futures up 0.4% to $1,963.50 per ounce and silver futures up 1.2% to $24.83 per ounce.

Investors are waiting for the July CPI data, which is expected to provide insight into inflationary pressures in the economy. The data could influence monetary policy decisions by central banks.