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

Gold and silver prices extended losses for a second straight session on Monday as escalating Middle East tensions stoked fears of persistent inflation and a potential US Fed rate hike. Comex gold fell $104 to an intraday low of $4,009 per troy ounce, while silver dropped $2.34 to $57.82. Tracking global weakness, MCX gold futures declined nearly Rs 3,000 per 10 grams to Rs 1,40,873 and MCX silver fell about Rs 5,387 per kg to Rs 2,17,277. Crude oil surged over 4% after US-Iran exchanged missile and drone strikes, with traders assigning a 69% probability to a Fed rate hike in September per the CME FedWatch Tool.