Gold and Silver Prices Rise Amid Escalating US-Iran Tensions

The gold and silver markets are seeing an increase in prices due to escalating tensions between the US and Iran, with Brent crude oil prices climbing above $100 a barrel.

This rise in oil prices is contributing to higher energy costs and inflation expectations, which could lead to a more hawkish Federal Reserve setup.

However, safe-haven demand for gold and silver remains strong due to concerns over Gulf supply routes and the Strait of Hormuz, where about one-fifth of the world's oil was moved before the war began.

The price of spot gold is currently trading near $4,403.10 an ounce, up 1.11%, while spot silver is trading at $66.080, up 0.68% on the session.