Hawkish Fed commentary and escalation in the US-Iran conflict will keep silver under pressure in the short term. The white metal is quite oversold but can extend its decline to test key support at $54
Crude Oil market has moved beyond a simple war-premium story. It's now balancing three forces at once: geopolitical risk around Hormuz, refinery-led product tightness and softer macro-demand impulse.
Oil prices edged higher, with Brent crude above $85 a barrel, as escalating US-Iran attacks raised concerns over disruptions to supplies through the Strait of Hormuz
Gold and silver futures opened lower on both MCX and Comex, with prices remaining under pressure during Wednesday's trading session despite ongoing global uncertainties
For the second straight session, Brent closed at its highest since June 12 and West Texas Intermediate at its highest since June 15 and rose further on early Wednesday trade
Oil prices climbed to a four-week high after the US reinstated its blockade of Iranian shipping and both sides intensified attacks around the Strait of Hormuz
Already in the bear territory after receding 27% from its record high level, analysts foresee further decline in gold prices of up to 16% to $3400-3500 levels.
The price of Brent crude, the international standard, gained 3.9 per cent to $78.96 per barrel, while US benchmark crude oil added 4 per cent to $74.26 per barrel
Analysts expect precious metals to remain volatile as investors assess the US-Iran conflict, crude oil prices and key inflation data that could influence global interest rate expectations
Silver is expected to be highly volatile and choppy in the short run due to the evolving situation in West Asia. However, as West Asia conflict is likely to remain contained, traders may buy the dips.
Gold prices are expected to remain volatile and choppy amid uncertainty over situation in the Middle East, may trade in the range of $4,000-$4,200 for now.
Oil prices edged lower on Friday as inflation concerns weighed on demand, but crude remained on track for strong weekly gains amid renewed US-Iran strikes and uncertainty over the Strait of Hormuz
Brent crude futures rose 78 cents, or 1 per cent to $78.8 a barrel by 0054 GMT, while US West Texas Intermediate crude futures were up 74 cents, or 1.01 per cent, at $74.26 a barrel
Brent crude futures gained $1.38, or 1.9%, to $75.54 a barrel, and US West Texas Intermediate crude climbed to $71.81 a barrel, up $1.37, or 1.9% at 0128 GMT
A stronger US dollar and subdued global sentiment prompted traders to trim positions, while investors tracked geopolitical risks and the US Federal Reserve's policy outlook
