Gold, silver prices today: Comex gold and silver extend losses as Middle East tensions lift rate hike fears

Gold and silver prices fell for a second consecutive session on July 16 as escalating US-Iran tensions in the Middle East reinforced expectations that the US Federal Reserve will keep interest rates higher for longer, weighing on non-yielding assets. Comex gold dropped $74 to $3,977 per ounce, slipping below the key $4,000 mark, while silver fell $1.80 to $55.65. On MCX, gold futures declined ₹1,733 to ₹1,40,117 per 10 grams and silver dropped ₹5,530 to ₹2,15,090 per kg, while Brent crude resumed its upward march above $85 a barrel on supply disruption fears from the Strait of Hormuz conflict.