Gold, Silver Hold Steady Despite West Asia Tensions; Crude Prices Soar

• Gold and silver prices remained largely steady on Thursday (March 12) despite geopolitical risks in West Asia.
• COMEX gold traded at $5,149/ounce (down 0.59%), while silver edged lower to $85.195/ounce (down 0.40%).
• Crude prices surged significantly after reports of tanker strikes in the Strait of Hormuz and Iraqi waters.
• Macroeconomic factors and investors' preference for liquidity are outweighing safe-haven demand for gold, says Kaveri More.
• Rising crude prices tend to dent gold buying, a pattern observed over recent sessions, notes Jateen Trivedi.