Gold, silver prices today: Comex gold tops $4,170; silver extends winning streak as safe-haven demand rises | Stock Market News

The rally in precious metals extended on Wednesday, 22 July, as safe-haven demand and technical buying gathered pace amid persistent geopolitical tensions in the Middle East.

After gaining around $60 in the previous session, Comex gold futures advanced another $95 per troy ounce to an intraday high of $4,171, taking the metal's weekly gain to 3.4%. If prices hold at these levels through the week, gold will record its biggest weekly advance in nearly two months.

Silver also extended its winning streak, rising for the fourth consecutive session. Comex silver futures climbed $2.16 per troy ounce to $61.70, pushing the weekly gain to 7.45%. If the rally is sustained, it would mark the white metal's strongest weekly performance since late February.

Hostilities in the Middle East entered their 11th consecutive day, with the US launching fresh strikes on Iran while Tehran intensified missile and drone attacks targeting key Gulf nations, including Bahrain and Kuwait.

There were few signs of either side backing down, while diplomatic efforts remained uncertain after US President Donald Trump said Washington had "no interest in meeting" with Iran.

As hopes of renewed negotiations faded, Trump warned that the US would strike Iranian infrastructure, including bridges and power plants, every time Iran targeted ships transiting the Strait of Hormuz.

Trump has previously threatened to target Iran's power grid, water facilities and other critical infrastructure.

Iran, in turn, warned that it would retaliate by attacking US-linked infrastructure and energy facilities across the region if Washington follows through on those threats.

US Secretary of State Marco Rubio said Washington remains open to a diplomatic solution but accused Iran of failing to honour its previous commitments.

Investors are now awaiting the US Federal Reserve's interest rate decision and Chair Kevin Warsh's remarks following next week's two-day policy meeting. The Street broadly expects the central bank to leave interest rates unchanged.

However, expectations for tighter monetary policy beyond July remain elevated, with traders assigning roughly a 68% probability of a rate hike at the September meeting. Warsh has repeatedly emphasised that inflation remains a key concern, a message echoed by several other Fed officials in recent weeks.

Meanwhile, the US dollar index traded little changed around 101.1, with geopolitical developments continuing to dominate investor sentiment.

In the domestic market, the near-month MCX gold futures contract climbed ₹3,117 per 10 grams to an intraday high of ₹1,46,000, extending its winning streak to a fourth consecutive session. The latest rally has also helped the yellow metal turn positive for July, with gains of around ₹3,179 so far this month.

Meanwhile, MCX silver futures surged ₹5,205 per kg to an intraday high of ₹2,28,984, marking their fourth straight day of gains. The rally has helped the white metal trim its losses for July to less than 1%.

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

Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.

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