Gold Ticks Higher, Silver Leads, Oil Jumps on Middle East Tensions

Gold and silver pushed higher Tuesday as silver led the precious metals complex. Oil surged over 2% on renewed Middle East supply concerns ahead of the OPEC+ meeting. Agricultural commodities split, with wheat gaining while corn sold off.

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Silver led the metals higher, up 1.92% to $62.77. The break above the 20-day moving average signals renewed industrial demand optimism.

Gold followed, edging up 0.30% to $422.60. GLD holds support at $421.32 with resistance sitting at $428.07. A clean break above $428 would open a path toward $440.

Oil surged the most of the group, with USO adding 2.09% to $130.01. Middle East tensions have put supply back in focus as traders eye the upcoming OPEC+ meeting.

The production decision next month will matter for prices into the fourth quarter.

Agricultural commodities diverged. Wheat ETF WEAT rose 0.85% while corn ETF CORN dropped 1.15%. Weather-driven supply expectations are driving the split.

Watch the $428 level in GLD closely. That resistance has held multiple tests. The OPEC+ meeting in September will set the tone for crude through year end.

This content is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Consult a qualified financial advisor before making investment decisions.