Hammack: The Fed needs to raise interest rates to fight inflation, with markets betting on a 65% chance of a rate hike in September.

Spot silver has risen 1.01% intraday to $56.47/oz; the main COMEX silver futures contract is currently trading at $56.70/oz, up 0.67% intraday.

Spot silver has just reached the 56.00 USD/ounce mark, currently trading at 56.00 USD/ounce, up 0.17% on the day; COMEX silver futures main contract is now quoted at 56.23 USD/ounce, down 0.16% on the day.

Spot platinum has just broken through the $1,580.00/oz mark, last quoted at $1,579.53/oz, down 0.81% for the day; Nymex main platinum futures contract last quoted at $1,591.2/oz, down 1.32% for the day.

As the US-Iran conflict escalated over the weekend, the market is betting that the Federal Reserve might need to raise interest rates to curb inflation, causing gold prices to fall. After dropping more than 2% last week, gold is currently trading near $3,995 per ounce. The intensifying hostilities in the Middle East—including an attack on a key oil facility in Kuwait and ships attempting to transit the Strait of Hormuz being targeted—have led to a surge in oil prices. Tehran has stated that the