Gold, silver rates today: Gold and were trading in green, rose more than 3%, as the Federal Reserve indicated that long-term US inflation expectations remained in check despite the escalating conflict in the Middle East.
COMEX was trading nearly 1.25% to $4,618 per ounce, after adding 0.4% in the previous session. Meanwhile, COMEX silver prices surged 3.7% to $73.2 per ounce on Monday, during the Asian trading hours.
What’s driving gold and silver prices today?
Rising oil prices have fueled inflation concerns and strengthened expectations of potential rate hikes, although Federal Reserve Chair Jerome Powell said the central bank’s policy stance is “in a good place for us to wait and see.”
According to a Bloomberg report, dip-buying has emerged in the gold market, with investors taking advantage of the price correction seen since the conflict began over a month ago.
Meanwhile, crude prices moved higher after the White House signalled a possible escalation of strikes on Iran, including targeting key civilian infrastructure. Tehran, in response, approved legislation to levy fees on vessels passing through the Strait of Hormuz and has urged Yemen’s Houthi group to prepare for renewed attacks on Red Sea shipping. Iran also struck a Kuwaiti crude carrier near Dubai, according to Kuwait Petroleum Corp.
These developments have heightened fears of a prolonged conflict, which could drive energy prices even higher and prompt central banks to tighten monetary policy to control inflation — a negative factor for non-yielding assets like gold.
Coupled with tightening liquidity in global financial markets, this has put gold on track for a monthly decline of around 15%, marking its steepest drop since the 2008 financial crisis.
Gold and silver prices outlook
Renisha Chainani, Head – Research at Augmont, said that gold is expected to trade sideways-to-up next week, in a range roughly $4,300–$4,600. Silver may see a wider range ($65–$75) reflecting its higher volatility.
“Near-term price drivers include any fresh Middle East news (ceil or escalation), U.S. inflation data (PCE), and Fed commentary. A weaker USD or renewed hawkish Fed pivot (if inflation ticked up) could push gold back toward $4,700–$4,800, while fresh ceasefire optimism or easing inflation could lift prices,” Chainani said.
On the technical outlook of , Ponmudi R, CEO of Enrich Money, said that COMEX Gold is trading above key short-term moving averages, with prices currently hovering within the $4,500–$4,600 band. The overall structure continues to reflect underlying weakness, with persistent geopolitical tensions in the Middle East offering only intermittent safe-haven support, providing a limited cushion to prices.
“A sustained move above $4,650 could extend the rally toward $4,750–$4,800, with further upside potential toward $4,900, where stronger supply pressure is likely to emerge. On the downside, a sustained break below $4,400 may accelerate weakness toward $4,300, with further downside extending toward the $4,100 level. Overall, the structure remains cautiously positive as long as prices hold above key support levels,” Ponmudi said.
On the silver prices outlook, he added that COMEX Silver is currently trading above $68-$70 support band. The broader trend now reflects a gradually improving tone, supported by safe-haven interest and resilience in industrial metals, which continues to provide a supportive base to prices.
“On the upside, the $72–$74 zone continues to act as an immediate resistance band. A sustained and decisive move above $75 would signal strengthening bullish momentum and may open the door for an advance toward $78-$80, where selling pressure is likely to emerge. However, a failure to hold above $70 could reintroduce downward pressure, potentially dragging prices toward $66 in the near term, with stronger support placed in the $64–$61 region,” he said.
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