Gold and silver rally on Middle East tensions and dip-buying, with gold surpassing $4,000 and silver nearing $60 per ounce.
Gold prices climbed above $4,000 per ounce while silver approached $60, driven by safe-haven demand amid geopolitical risks in the Middle East. Dip-buying and stronger industrial metals sentiment also supported the rally, despite concerns over higher energy costs stoking inflation.
The gains followed a period of consolidation, with silver outperforming due to its dual role as a safe-haven asset and industrial metal. Markets remain cautious as softer US economic data contrasts with inflationary pressures from rising energy prices.
Precious metals are expected to stay sensitive to energy market developments and US monetary policy shifts, with silver potentially leading if industrial demand persists.