Gold Tumbles Amid Rate Hike Odds, Silver Rises on US-Iran Tensions

Gold prices slipped by 0.36% to around $4,438.20 per ounce in early US trading on Monday as investors weighed the odds of a September Federal Reserve rate hike against renewed tensions in the Strait of Hormuz.

The situation remains mixed for gold, with safe-haven demand stemming from rising U.S.-Iran tensions bolstering buying, but higher oil prices keeping inflation elevated and reinforcing the case for another Fed hike.

Silver, however, gained 0.91% to reach $66.86 per ounce, with buyers pushing prices back above a key support zone of $65.63, $65.64.