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Gold prices extended their rally on Wednesday, climbing above the key $4,100-an-ounce level as investors sought safe-haven assets amid escalating Middle East tensions and growing concerns over global energy supplies. Rising oil prices also reinforced inflation worries, leaving markets focused on the Federal Reserve's upcoming interest rate decision.
Spot gold (XAU/USD) rose 1% to $4,119.54 an ounce, while U.S. gold futures gained 1.2% to $4,123.90. Precious metals broadly advanced, with silver climbing 1.9% to $59.93 an ounce and platinum adding 2.4% to $1,667.68.
Market sentiment remained driven by geopolitical risks after fresh military exchanges involving Iran near the Strait of Hormuz and renewed threats by Yemen's Houthi movement against shipping in the Red Sea. At the same time, continued attacks along Russia's Black Sea coast, a key route for Kazakhstan's crude exports, fueled concerns over disruptions to global energy supplies.
Higher oil prices have intensified expectations that inflation could remain elevated, potentially limiting the Federal Reserve's ability to ease monetary policy. Investors are now closely watching the July 28-29 Federal Open Market Committee (FOMC) meeting, where policymakers will announce their latest interest rate decision, followed by Fed Chair Kevin Warsh's press conference.
Despite a stronger U.S. dollar and higher Treasury yields, gold has continued to attract buyers. IG market analyst Tony Sycamore said bullion's resilience suggests investors are once again embracing its traditional safe-haven role as geopolitical uncertainty grows.
According to Sycamore, gold is showing signs of establishing a base around its late-June low near $3,942. A sustained move above technical resistance around $4,120, followed by a breakout beyond the early-July high of $4,202, could pave the way for a broader recovery toward the 200-day moving average near $4,494.
He added that IG maintains a cautiously bullish outlook for gold as long as prices remain above the late-June support level. Meanwhile, silver also extended gains after surging more than 4% in the previous session, supported by ongoing geopolitical uncertainty and expectations surrounding the Fed's policy outlook.
