Gold and silver prices recovered sharply on Wednesday as falling crude oil prices and developments in the US midterm elections improved market expectations around inflation and interest rates. International gold rose as much as 3.4% to approximately $4,061 per ounce, while silver gained around 5% to nearly $52 per ounce during the session.
Crude oil prices also declined amid hopes that diplomatic efforts could help ease the US-Iran conflict. Brent crude fell below $100 per barrel for the first time since October 7, after a sharp decline in the previous session. The fall in energy prices helped ease concerns about inflation and supported a recovery in precious metals.
However, the outlook remains uncertain as the situation around the Strait of Hormuz and the wider Middle East continues to influence energy markets. Investors will monitor further diplomatic developments, the US dollar and interest-rate expectations before assessing the next direction for bullion
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