Gold, Silver Prices Surge Amid Middle East Tensions

The prices of gold and silver rose on July 24 due to escalating tensions in the Middle East and anticipation of US rate hikes. Gold hit an intraday high of $4,073 per troy ounce, while silver reached $58.98 per troy ounce. The conflict has increased expectations of tighter monetary policy from the Federal Reserve.

The near-month MCX gold futures contract rose ₹643 per 10 grams to an intraday high of ₹1,43,464, resuming its winning streak after a ₹2,900 crash in the previous session. MCX silver futures surged ₹3,475 per kg to an intraday high of ₹2,2,850.

The US Federal Reserve is scheduled to meet next week, and markets expect policymakers to leave interest rates unchanged. However, expectations for tighter monetary policy beyond July remain elevated, with traders assigning roughly a 68% probability of a rate hike at the September meeting.