Gold, Silver Outlook, July 22 -- Gold and silver are likely to remain volatile in the coming weeks as investors weigh escalating geopolitical tensions against growing expectations that the U.S. Federal Reserve could keep interest rates higher for longer.

While safe-haven demand has resurfaced amid the widening conflict in the Middle East, rising oil prices have reignited inflation concerns, reducing hopes of near-term monetary easing and creating opposing forces for bullion prices. Analysts say the next decisive move will depend on developments in the U.S.-Iran conflict and signals from the Federal Reserve's policy meeting next week.

The cautious outlook comes even as bullion recovered on Wednesday. Spot gold rose 1.6% to $4,139.64 an o...