Gold and Silver Bounce as Oil Firms on Hormuz Geopolitical Risk

According to Kitco NewsWire, spot gold and silver prices rebounded on Tuesday, with gold trading near $4,033.20 per ounce, up 0.44%, and silver near $58.96 per ounce, up 1.34%. The precious metals rally was capped by firm dollar and Treasury yields, keeping gold below its resistance zone. The U.S. Federal Reserve maintained its target rate at 3.50% to 3.75% on June 17, citing elevated uncertainty linked to Middle East conflict and energy-related inflation pressure. The Strait of Hormuz situation remained unstable; oil shipments resumed after the June 17 U.S.-Iran deal but fluctuated following fresh tensions and a tanker incident, with 13.4 million barrels flowing on June 24 and 11.7 million barrels on June 25. WTI crude firmed to around $71.28 per barrel and Brent to $74.53, remaining below earlier June panic levels.
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