AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

4/7/2026: Gold steady before Iran deadline

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold held steady, inching up 30 cents to close above $4,657 as the dollar fell and ahead of President Trump's deadline for Iran to reopen the Strait of Hormuz. Silver shed 1.2% to finish at $71.82.

Trump reiterated his threat to obliterate Iran's infrastructure, warning that "a whole civilization will die" if Tehran does not agree to a ceasefire by 5pm EDT. In the meantime, the US conducted strikes on Kharg Island, where 90% of Iran's crude exports are handled.

US benchmark WTI crude futures jumped 3.5% to more than $117 per barrel in intraday trading after the Kharg attacks. Reuters reported that prices paid for physical crude at European and Asian refineries have risen to record-high prices above $150 per barrel.

Near-term inflation expectations jumped in March to more than 3.4% over the next 12 months, according to the latest NY Fed survey. Consumers anticipate high prices for food and energy because of the US war on Iran.

Benchmark 10-year Treasury yields initially rose on the inflation expectations before retracing to slight losses on flights to safety. The dollar fell against major rivals, lifting gold by making it cheaper overseas.

China's central bank purchased gold for its currency reserves for the 17th straight month, keeping a floor under the gold price as some nations, such as Turkey, have resorted to liquidating bullion to offset higher oil prices because of the war.

Platinum and palladium fell 2.4% and 2%, respectively.

At the New York spot close: gold added 39 cents, $4,657.10; silver shed 84 cents to $71.82; platinum lost $48 to $1,929.15; and palladium slid $29.50 to $1,461.55 an ounce.