Gold, silver prices today: Comex gold and silver edge higher as easing US-Iran tensions cool oil prices

Gold and silver prices traded with modest gains on Monday, 27 July, as a pause in hostilities in the Middle East eased pressure on crude oil prices and tempered inflation concerns ahead of this week's US Federal Reserve policy meeting.

Comex gold futures rose $49 per troy ounce to an intraday high of $4,119, while Comex silver futures also recovered, gaining around $1.50 per troy ounce to $60.39. Both precious metals ended last week with gains of up to 4%, snapping a two-week losing streak.

Crude oil prices cooled sharply on Monday, with Brent crude futures falling nearly 10% intraday after the US paused its attacks on Iran for a third consecutive day. Iran also announced on Sunday that it had suspended its military response, raising hopes that tensions in the region may ease.

It remains unclear why the US halted its strikes after nearly two weeks of attacks targeting Iranian coastal areas and infrastructure, following Iran's actions against ships transiting the Strait of Hormuz.

The latest developments have revived expectations of renewed negotiations on an interim ceasefire agreement, which had largely been derailed by the recent escalation in hostilities.

Before the pause in military action, US President Donald Trump had said he would soon decide whether to launch a "massive attack" on Iran after Iran-backed Houthi rebels in Yemen reportedly targeted two Saudi oil tankers with drones and missiles.

Gold and silver prices have remained highly volatile amid the back-and-forth escalation in the Middle East.

While precious metals are traditionally viewed as safe-haven assets during periods of geopolitical uncertainty, the sharp rise in crude oil prices has fueled inflation concerns and increased the appeal of higher-yielding assets, limiting gains in non-interest-bearing assets such as gold and silver.

Investors' attention has now shifted to the US Federal Reserve's two-day policy meeting on 28-29 July, along with comments from Fed Chair Kevin Warsh. The Street broadly expects the central bank to leave interest rates unchanged, although expectations for tighter monetary policy beyond July remain elevated.

A day after the policy decision, investors will closely watch the release of the US Personal Consumption Expenditures (PCE) Price Index for June—the Fed's preferred inflation gauge—for further clues on the future path of interest rates. US annual inflation eased to 3.5% in June from a three-year high of 4.2% in May, coming in below market expectations of 3.8%.

MCX gold and silver remain higher

In the domestic market, the near-month MCX gold futures contract climbed ₹1,124 per 10 grams to an intraday high of ₹1,44,230, extending its winning streak to a second session after gaining ₹285 in the previous session.

Meanwhile, MCX silver futures surged ₹3,083 per kg to an intraday high of ₹2,25,221. Gold and silver ended last week on a mixed note, with gold posting gains while silver settled marginally lower.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.