At 02:08 ET (06:08 GMT), XAU\/USD was up 1.3% at $4,132.79 an ounce, while Gold Futures gained 1.5% to $4,137.09. Silver also advanced, with XAG\/USD up 1.5% at $59.71, and platinum, with XPT\/USD, climbed 2.3% to $1,666.59.<\/p>\n
Gold built on the prior session\u2019s nearly 2% rally as traders monitored renewed threats to global energy supplies. Fighting around key shipping routes, including the Strait of Hormuz and the Red Sea, remained a focal point for markets.<\/p>\n
Meanwhile, U.S. forces carried out an 11th consecutive night of strikes, while Tehran continued retaliatory attacks. Elevated geopolitical risk helped underpin bullion even as the U.S. dollar strengthened and Treasury yields rose, conditions that typically pressure gold.<\/p>\n
Oil prices stayed above $90 a barrel after extending July\u2019s rally. Continued attacks around the Gulf and renewed threats to regional shipping kept investors focused on the risk of supply disruptions, reinforcing concerns that higher energy costs could sustain inflation.<\/p>\n
Attention is turning to next week\u2019s Federal Reserve policy meeting. Officials are widely expected to leave interest rates unchanged but may reinforce a higher-for-longer stance if energy-driven inflation risks persist, according to market expectations described in the report.<\/p>\n
Tony Sycamore, market analyst at IG, said gold\u2019s rebound despite a stronger U.S. dollar and rising Treasury yields suggests investors are beginning to re-establish the metal\u2019s traditional safe-haven role as geopolitical tensions intensify. He noted that \u201ccleaner\u201d retail positioning could also be supporting bullion, even as U.S. equities remain firm.<\/p>\n
From a technical perspective, Sycamore reported initial signs of a base emerging around the late-June low of $3,942. He indicated that a sustained break above downtrend resistance near $4,120, followed by a move through the early-July high of $4,202, would strengthen the case for a broader recovery toward the 200-day moving average near $4,494. IG remains cautiously bullish on gold while prices hold above the late-June low, identified as the key technical reassessment level.<\/p>\n
Silver extended its gains after jumping more than 4% in the previous session, as traders continued to track developments in the Middle East and the upcoming Federal Reserve decision.<\/p>\n
What are current gold prices in spot and futures markets?<\/strong> How are other precious metals performing?<\/strong> What geopolitical factors are influencing gold prices?<\/strong> How might the Federal Reserve impact gold going forward?<\/strong>
At 02:08 ET (06:08 GMT), XAU\/USD traded at $4,132.79 an ounce, up 1.3%, while Gold Futures were at $4,137.09, up 1.5%.<\/p>\n
Silver (XAG\/USD) rose 1.5% to $59.71 an ounce, and platinum (XPT\/USD) climbed 2.3% to $1,666.59.<\/p>\n
Gold is being supported by escalating tensions in the Middle East, including ongoing strikes by U.S. forces, retaliatory attacks from Tehran, and risks to key energy shipping routes such as the Strait of Hormuz and the Red Sea.<\/p>\n
The Federal Reserve is widely expected to keep rates unchanged at next week\u2019s meeting, but a reinforced higher-for-longer message in response to energy-driven inflation risks could influence gold by affecting interest-rate expectations and broader financial conditions.<\/p>\n