Gold Rallies to Multi-Month High

Gold prices extended recent gains for the third consecutive day, with the precious metal climbing further beyond the $4,400 mark. The continued positive momentum pushed gold to its highest price level since early June.

Silver Prices Weaken on Inflation Concerns

In contrast to gold, silver prices depreciated following two days of gains, with the metal trading near $66.00 per troy ounce. The decline for the non-yielding asset was linked to a surge in oil prices, which sparked renewed inflation fears and heightened expectations for potential interest rate hikes.

Oil Prices and Geopolitical Risks Weigh on Markets

Broader market sentiment was influenced by rising energy prices and geopolitical tensions, with WTI crude oil trading around $81.50 after significant gains. The recent oil price strength is connected to stalled US-Iran peace talks, a risk factor being closely monitored by traders across financial markets.

Currency Markets Await Key US Inflation Data

The US Dollar Index consolidated below the 100.00 level as traders adopted a cautious stance ahead of the upcoming US Consumer Price Index (CPI) release. Major currency pairs held within tight ranges, while market participants also monitored monetary policy signals from other central banks, including the Reserve Bank of Australia and the Bank of Japan.