Rising Oil Prices and US-Iran Tensions Weigh on Gold and Silver

Gold and silver prices eased on Wednesday due to rising oil prices and US-Iran tensions. Crude oil prices climbed for a fourth consecutive session, with Brent crude increasing by 1.6% to $99.49 a barrel, while West Texas Intermediate rose by 1.72% to $94.63.

The rise in oil prices pushed precious metals lower, as investors weighed geopolitical tensions and the outlook for US interest rates. Gold was down 0.41% at $4,420.80 per ounce, while silver slipped 0.21% to $66.86 an ounce on COMEX.

Investors are looking to upcoming US inflation data for clues about the Federal Reserve's next policy moves. A weaker dollar can make dollar-denominated commodities more attractive to buyers using other currencies.