Gold and Silver Prices Soar as Geopolitical Tensions Mount

Gold and silver prices surged higher in early trade on Wednesday, August 12, as geopolitical tensions and uncertainty ahead of the US inflation report boosted demand for precious metals.

On COMEX, gold futures rose 0.35% to $4,456.70 an ounce, while silver gained 0.49% to $65.25 an ounce. Gold touched an intraday high of $4,457 an ounce, and silver rose to $65.37 an ounce.

The gains came as markets tracked fresh geopolitical developments involving Iran, the US, and Yemen-aligned Houthis, alongside a North Korean missile launch. This kept safe-haven demand in focus and added concerns over energy supplies through the Strait of Hormuz.

Oil prices also remained elevated, with US crude rising 0.89% to $83.94 a barrel, while Brent gained 0.78% to $89.60. Both benchmarks settled more than $1 higher on Tuesday and extended their recent gains.