Gold, silver prices today: Comex gold jumps $61, silver tops $60 on US-Iran de-escalation hopes

Gold and silver prices traded higher on Tuesday, 4 August, as investors tracked diplomatic efforts to ease tensions between the US and Iran, with lower crude oil prices reducing inflation concerns and easing pressure on the US Federal Reserve to raise interest rates.

Comex gold futures climbed $61 per troy ounce to an intraday high of $4,151, while silver futures advanced $2.35 to $60.24 per ounce.

The rally in precious metals came as hopes of a diplomatic breakthrough between the US and Iran gained momentum. Optimism strengthened after US Treasury Secretary Scott Bessent told CNBC that an agreement to reopen the Strait of Hormuz could be reached "today or tomorrow."

Bessent's remarks echoed comments by US President Donald Trump, who on Monday said the strategic waterway could reopen within hours after he stepped back from threats of a large-scale military strike against Iran over the weekend.

Meanwhile, Qatari Foreign Ministry spokesperson Majed al-Ansari reportedly said negotiations remain underway, with de-escalation and the reopening of the Strait of Hormuz remaining the key priorities.

Gold and silver prices have remained highly volatile for much of 2026, as geopolitical tensions in West Asia have swung market expectations for US interest rates. Higher interest rates typically weigh on non-yielding assets such as gold by increasing the opportunity cost of holding bullion.

On the macroeconomic front, US data showed job openings eased in June, pointing to relatively steady labour demand heading into the summer. Meanwhile, the US trade deficit narrowed as imports declined for the first time this year.

The data lowered the implied probability of a September Federal Reserve rate hike to 57%. Investors are now awaiting the ADP employment report and Friday's nonfarm payrolls for further clues on the Fed's policy path.

Earlier on Monday, Fed's New York President John Williams said he remained optimistic that inflation pressures were on track to ease gradually, but if they do not, the U.S central bank will not hesitate to respond with rate hikes, Reuters reported.

The Federal Reserve last week kept its benchmark interest rate unchanged for a fifth straight meeting. However, an increasing number of policymakers have backed the possibility of another rate hike, citing persistent inflation risks stemming from Middle East tensions and strong investment in artificial intelligence.

MCX gold, silver mirror global rally

Tracking gains in the international market, the near-month MCX gold futures contract climbed ₹1,509 to an intraday high of ₹1,44,424 per 10 grams. The yellow metal had ended June with a modest gain of ₹845.

Meanwhile, MCX silver futures surged nearly ₹5,000 per kg to an intraday high of ₹2,22,197, putting the metal on track to snap a two-session losing streak.

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