Bob Savage highlights that the OECD now sees the Middle East conflict as the main driver of the global outlook, with surging energy and input prices lifting inflation and weighing on growth.

Silver (XAG/USD) climbs more than 2% on Thursday as a ceasefire agreement between Israel and Lebanon weighs on the US Dollar (USD). At the time of writing, XAG/USD is trading around $74.80, but remains stuck within a familiar range between $72-$78 that has held since mid-May.

Gold (XAU/USD) climbs modestly as the US Dollar (USD) weakens in the wake of a ceasefire between Israel and Lebanon brokered by the United States. At the time of writing, XAU/USD is trading around $4,497, up 1.40% on the day.

Gold (XAU/USD) trades higher on Thursday and has reached session highs above $4,490, after bouncing from $4,425 lows earlier on the day.

West Texas Intermediate (WTI), futures on NYMEX, trades in a tight range around $93.20 during the European trading session on Thursday. The oil price consolidates as negotiations between the United States (US) and Iran towards a permanent peace deal are going nowhere.

ING analysts Warren Patterson and Ewa Manthey note that Oil prices remain closely linked to Middle East developments, with flows through the Strait of Hormuz still disrupted.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $73.35 per troy ounce, up 0.84% from the $72.73 it cost on Wednesday.

ING's Commodities Strategists Warren Patterson and Ewa Manthey report that Copper prices fell back below $14,000/t after a recent rally, as rising US–Iran tensions and macro concerns weighed on demand expectations.

Crude prices show a moderate reversal on Thursday, with Brent crude, the global oil benchmark, trading around $96 per barrel during the European trading session, down from highs at $98.00 on Wednesday.

Silver (XAG/USD) ticks higher on Thursday, but maintains its bearish near-term tone intact, with upside attempts capped below the $74.00 area, and on track for a four-week decline.

ING notes that central banks returned to net buying of Gold in April after March’s net sales, citing World Gold Council data.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $93.10 during the early European trading hours on Thursday. The WTI price falls as a ceasefire agreement between Israel and Lebanon renewed hopes for diplomatic progress. 

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

Gold (XAU/USD) gains some positive traction on Thursday and climbs to the $4,475 area during the Asian session, reversing a major part of the previous day's slide to a one-week low. The Israel-Lebanon truce prompts some profit-taking around the US Dollar (USD) and supports the commodity.

Silver price (XAG/USD) trades 1.2% higher to near $73.60 during the Asian trading session on Thursday.

US President Trump has told aides that he would consider ending the ceasefire with Iran if Tehran kills US troops, the Wall Street Journal reported on Thursday. Trump insisted that the weekslong pause in airstrikes remains intact despite a steady stream of violent skirmishes.

Gold price (XAU/USD) falls to around $4,450 during the early Asian session on Thursday. The precious metal attracts some sellers amid rising expectations that the US Federal Reserve (Fed) will raise interest rates this year. 

West Texas Intermediate (WTI) crude Oil climbs to its highest level in nearly two weeks on Wednesday as renewed hostilities in the Middle East dent hopes of a near-term US-Iran deal that could reopen the Strait of Hormuz.

Gold (XAU/USD) price slumps over 1% on Wednesday, losing for the second day in the week amid fears that hostilities between the US and Iran may escalate, pushing energy prices higher and the US Dollar as well.

Gold has become the top reserve asset in global central banks’ vaults, surpassing US Treasuries, suggesting that the precious metal is becoming the main choice for monetary authorities seeking protection against geopolitical uncertainty.

United States EIA Crude Oil Stocks Change came in at -7.974M, below expectations (-4M) in May 29

TD Securities’ Ryan McKay notes that Gold is struggling to recover as renewed tariffs and US-Iran tensions fuel an inflationary impulse and push expectations for a Federal Reserve (Fed) hike into early 2027.

West Texas Intermediate (WTI) advances toward $94.00 at the time of writing, up 2.52% on the day, supported by a fresh escalation of geopolitical tensions in the Middle East and growing concerns about global Oil supplies.

Gold (XAU/USD) trades lower on Wednesday as escalating tensions in the Middle East dampen hopes for a near-term US-Iran peace deal. At the time of writing, XAU/USD is trading around $4,455, down nearly 1.85% so far this week.

Gold (XAU/USD) resumed its near-term downtrend on Wednesday, with bears pushing against the intra-week lows at the $4,450 area.

BNY’s Bob Savage notes that WTI and Brent prices are rising for a third day as United States (US)-Iran tensions escalate, with missile and drone attacks in the Gulf region pushing benchmarks toward and above USD 90.

Silver (XAG/USD) trades around $74.50 on Wednesday at the time of writing, down 0.88% on the day. The white metal is facing selling pressure as the US Dollar (USD) continues to recover, supported by escalating geopolitical tensions in the Middle East.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $74.30 per troy ounce, down 1.10% from the $75.13 it cost on Tuesday.

Crude prices rise for their third day in a row on Wednesday, as fresh hostilities between the US and Iran cast further doubt about a fragile ceasefire.

Silver price (XAG/USD) is down 0.6% to near $74.60 during the European trading session on Wednesday. The precious metal faces selling pressure as oil prices gain for the third straight trading day amid renewed tensions between the United States (US) and Iran.