Gold, silver prices today: Key factors investors should watch amid US-Iran tensions
Gold and silver prices traded lower in global markets on Tuesday, November 3, as expectations of higher US interest rates for longer and renewed concerns over the US-Iran conflict kept investors cautious.
On COMEX, gold futures were trading at $3,956.60 per ounce, down $13, or 0.33%. Silver futures declined 0.578, or 1.14%, to $50.310 per ounce.
The decline came even as crude oil prices rebounded in early Asian trade. Brent crude futures rose 0.5% to $105.25 per barrel, while US West Texas Intermediate (WTI) crude gained 0.5% to $96.93.
Oil prices moved higher following reports that the United States had struck Iran's Qeshm Island, reviving concerns over an escalation in the conflict and prolonged disruptions to energy supplies through the Strait of Hormuz, a route that previously carried around one-fifth of global crude oil and natural gas supplies.
The developments have added to uncertainty in commodity markets, with investors assessing the implications of higher energy prices for inflation and the outlook for interest rates.
Why are gold and silver prices under pressure?
Despite geopolitical unce...