Gold and silver set for another weak week as West Asia tensions rise and oil jumps more than 14%
AI Market Summary
Escalating US-Iran tensions lifted crude sharply and pushed Treasury yields and the USD higher, tightening financial conditions and reducing the relative appeal of non-yielding precious metals. Gold and silver sold off over the week despite late-week stabilization, with markets now focused on the upcoming Fed decision and high-frequency US and global data. Near-term flows are likely to remain sensitive to yields, USD strength, and headlines from West Asia.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+1.47%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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The US military carried out fresh airstrikes against Iran on Sunday after attacks on American-linked installations in Jordan, sharply escalating tensions in West Asia. In the same week, crude oil surged more than 14%, Treasury yields rose and the dollar strengthened. Comex gold futures in New York fell 2.3% to USD 4,018.8 per ounce, while silver slid 6.4% to USD 56.32 per ounce; India’s MCX gold and silver futures also dropped sharply. Markets are focused on the Federal Reserve meeting toward month-end and how the geopolitical situation develops, according to PTI.
