Oil Price Surge Weighs on Gold, Silver Amid Geopolitical Tensions

Gold and silver prices declined in early trade on Wednesday, September 9, as investors weighed renewed geopolitical tensions and the outlook for US interest rates.

The COMEX gold price fell 0.41% to $4,420.80 per ounce, while silver slipped 0.21% to $66.86 an ounce.

The decline in precious metals comes as crude oil prices climbed for a fourth consecutive session, with Brent crude rising 1.6% to $99.49 a barrel and West Texas Intermediate gaining 1.72% to $94.63.

Gaurav Garg, Head of Research at Lemonn, said silver was recovering on support from a weaker dollar.