Gold (XAU/USD) & Silver Price Forecast: Iran Risks Support Metals as PPI and CPI Loom - FXEmpire

AI desk brief

Gold and silver are supported by a weaker dollar and renewed geopolitical risk, but both metals are now waiting on this week’s U.S. inflation prints to decide whether the Fed can keep a tightening bias alive. Gold is quoted around $4,405/oz after repeated failures in the $4,422-$4,465 resistance band; a clean break below $4,365 would expose $4,305 and then the larger $4,263-$4,221 demand zone, while a break above $4,465 would reopen $4,564.

The article frames the near-term backdrop as a tug-of-war between safe-haven demand and higher-for-longer rates risk. Iran-related Strait of Hormuz tensions are boosting defensive buying, while also adding to energy-cost inflation and potentially keeping global rates elevated. It also points to Reuters survey commentary that 2026 gold demand is being driven by geopolitical tensions and central-bank buying, reinforcing the structural bid underneath the market.

Silver is trading around $66.18/oz and remains trapped in a compression pattern below $67.21 resistance. Immediate support is seen at $64.73 and $62.57, with upside targets at $68.74 and $70.76 if bulls can clear the breakout level. Near term, Thursday’s PPI and Friday’s CPI are the key catalysts: softer inflation would likely reinforce bullion strength, while a hot read could pressure non-yielding metals via higher real-rate expectations.