Gold and Silver Climb Despite Oil and Rate Pressures

Gold and silver prices rose in late Wednesday trading on a weaker dollar and safe-haven demand from US-Iran tensions, outweighing higher Treasury yields and surging oil. Spot gold stood near $4,396.40 an ounce (+0.96%), while silver reached $67.080 (+2.20%).

US and European stock indices fell as Brent crude topped $100 a barrel. Focus now shifts to Thursday’s PPI and Friday’s CPI reports, which could sway odds of a Fed rate hike in September, currently around 60%. Geopolitical risks in the Strait of Hormuz bolster metal demand but also lift oil and yields.

Technically, gold faces resistance at $4,422 with support at $4,347; silver eyes resistance at $68.17 and support at $67.25.