The UK Maritime Trade Operations (UKMTO) said that it has received a report of an incident in the Strait of Hormuz, Reuters reported on Tuesday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.00 during the early Asian trading hours on Tuesday. WTI steadies as traders continue to assess the developments surrounding Middle East conflicts. 

Gold price (XAU/USD) edges higher to near $4,415 during the early Asian session on Tuesday. The precious metal extends its upside amid fading expectations for further US Federal Reserve (Fed) rate hikes. Traders will closely monitor the developments surrounding the Middle East conflicts. 

Gold (XAU/USD) price rises over 1% on Monday amid overall US Dollar (USD) weakness and lower US Treasury yields, following last week’s soft inflation data that reduced speculation of a hawkish Federal Reserve (Fed), . The XAU/USD trades at $4,422 after bouncing off daily lows of $4,367.

Silver price surges nearly 1.80% on Monday as the Greenback dives, while uncertainty over the US-Iran conflict clouds investor sentiment. It seems like the precious metals segment reacquired its haven status, even though Oil prices edged higher.

West Texas Intermediate (WTI) US Oil advances on Monday and trades around $82.10 at the time of writing, up 0.68% on the day. Oil prices remain supported by the deadlock between the United States (US) and Iran, which keeps concerns about Oil flows through the Strait of Hormuz elevated.

Silver (XAG/USD) extends its advance on Monday and trades around $66.30 at the time of writing, up 2.47% on the day.

TD Securities strategists note that money managers sharply increased long Gold exposure as modest inflation, soft United States (US) employment data and expectations that the Federal Reserve (Fed) will not hike rates this year weigh on the US Dollar (USD).

Gold (XAU/USD) struggles to build on its intraday advance on Monday but holds modest gains as the US Dollar (USD) remains under selling pressure amid fading expectations that the Federal Reserve (Fed) will raise interest rates at its September meeting.

ING’s Ewa Manthey and Warren Patterson report that LME copper has surged to a record high above $14,000/t, with a sharply backwardated cash/3M spread underscoring near-term tightness.

Gold (XAU/USD) maintains a bullish bias around $4,400, supported by a weaker US Dollar (USD) and fading expectations of further interest rate hikes by the Federal Reserve (Fed).

West Texas Intermediate (WTI) US Oil advances on Monday and trades around $82.10 at the time of writing, up 0.70% on the day. Oil prices remain supported by the deadlock between the United States (US) and Iran, which keeps concerns about Oil flows through the Strait of Hormuz elevated.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $65.46 per troy ounce, up 1.17% from the $64.70 it cost on Friday.

Gold prices rose in India on Monday, according to data compiled by FXStreet.

Gold (XAU/USD) builds on Friday's bounce from the $4,300 neighborhood, or a one-week low, and gains some follow-through positive traction at the start of a new week.

Silver (XAG/USD) is seen building on Friday's bounce from mid-$63.00s and gaining some follow-through positive traction at the start of a new week.

TradingKey - On Monday (August 17) in early Asian trading, spot gold (XAUUSD) strengthened, currently trading near $4,406 per ounce. Over the previous week, gold prices rose approximately 0.8% overall

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $81.60 during the Asian trading hours on Monday. WTI remains volatile as talks to reopen the Strait of Hormuz have completely deadlocked.  

Silver price advanced by some 0.39% on Friday, capped by rising US yields, even though US data was softer than expected. XAG/USD trades at $64.70, after bouncing off daily lows of $63.51.

Gold price registers solid gains of nearly 0.90% on Friday as the US Dollar weakens across the board, following a week that featured softer inflation data, which decreased the chances for a rate hike by the Federal Reserve (Fed). The XAU/USD trades at $4,386, still below the $4,400 threshold.

Commerzbank’s Norman Liebke stresses that European natural gas remains structurally tighter than Oil as Qatar LNG is cut off and US cargoes are redirected to Asia.

Silver (XAG/USD) trades on the front foot on Friday but lacks strong follow-through and remains within the narrow range seen this week. At the time of writing, XAG/USD trades around $65 after bouncing from an intraday low of $63.51.

Commerzbank’s Barbara Lambrecht observes that despite falling LME Copper stocks and trimmed output guidance from a major producer, the recent Copper rally is losing momentum.

Commerzbank’s Carsten Fritsch notes Gold has rallied to its highest level since early June as markets scale back expectations for further Fed rate hikes.

TD Securities’ Ryan McKay and Bart Melek note that CTA (Commodity Trading Advisors) net long positioning in Gold is becoming more entrenched as discretionary demand improves.

UBS economist Paul Donovan discusses how the Gulf war has lifted Oil prices and pushed consumer price inflation above target in major economies.

Gold (XAU/USD) rebounds on Friday after opening the day in negative territory and falling to a fresh weekly low of $4,311.

West Texas Intermediate (WTI) US Oil rebounds on Friday and trades around $80.80 at the time of writing, up 0.40% on the day. Oil prices recover some of their losses after two days of correction as investors remain concerned about energy supply disruptions in the Middle East.

Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $64.76 per troy ounce, up 0.48% from the $64.45 it cost on Thursday.

Silver (XAG/USD) gains 0.37% on Friday and trades around $64.70 at the time of writing, erasing part of its recent correction.