Gold and Silver Prices Rise Amid Tensions at Strait of Hormuz

Gold and silver prices have risen amid rising tensions at the Strait of Hormuz. This increase is largely due to safe-haven demand, as investors seek refuge from geopolitical uncertainty. Spot gold rose by about 0.56% to $4,412.50 an ounce, while silver increased slightly by 0.13% to $65.68.

The market remains cautious ahead of upcoming US inflation data, with crude oil prices also climbing due to the standoff. This adds to inflation risk, which supports gold more than silver. Investors are watching key resistance and support levels for both metals as geopolitical and economic factors continue to influence price movements.