Spot gold rose 0.88% to trade at $4,414.30 an ounce, while silver gained 1.66% to reach $65.650. This defensive demand emerged as crude oil prices pushed Brent above $90 a barrel, fueled by renewed supply concerns in the Strait of Hormuz. The standoff between the U.S. and Iran regarding tanker traffic continues to inject a supply-risk premium into energy markets, complicating the inflation outlook.

While the weaker dollar provides a tailwind for bullion, the broader financial landscape remains volatile. North American and European indices closed lower, with the S&P 500 slipping 0.52% and the STOXX Europe 600 shedding 0.22%. Markets are now weighing the impact of the Empire State survey, which hit a four-year high, against recent cooling consumer data. Investors are looking toward Wednesday’s release of the Federal Reserve’s July meeting minutes for further guidance on the path of interest rates.