Spot Silver Jumps 5% Intraday; Gold Gains More Than 1%

Spot silver jumped 5% intraday, while spot gold rose more than 1%, signaling broad strength in the precious-metals market.

Odaily, a cryptocurrency news outlet, reported on July 21 that spot silver had climbed 5% during the session to trade at $59.23 an ounce.

Spot gold also moved higher. Real-time foreign-exchange market data showed gold at $4,067.23 an ounce, up $59.46, or 1.48%, from the previous session.

The rise in precious metals was attributed to stronger demand for safe-haven assets as tensions in the Middle East and inflation concerns persisted. Markets are watching how a rebound in crude oil prices and geopolitical risks could influence gold and silver prices.