AGE Daily Gold Update

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

4/17/2026: Gold jumps as oil tumbles

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold jumped 1.5% to close near $4,858 after Iran reopened the Strait of Hormuz, driving oil prices and inflation expectations lower and rekindling hopes for rate cuts from the Fed. Bullion ended the week with a gain of 4%. Silver surged 4% to finish at $81.74 for a weekly rise of 7.1%.

Iran said today that the Strait of Hormuz will reopen for tanker traffic during the 10-day ceasefire between Israel and Hezbollah in Lebanon, increasing the outlook for an end to the wider conflict in the Middle East.

US benchmark WTI crude plunged 11% to $84 a barrel on the news.

The dollar fell 0.3% against major rivals, wiping out all its Iran war premium, as traders speculated that lower oil prices may induce the Fed to resume rate cuts later this year. A weaker dollar boosts gold and other commodities by making them less expensive in other currencies, lifting overseas demand.

Benchmark 10-year Treasury yields fell sharply on the shifting rate view, supporting gold by reducing the opportunity costs for holding it instead of bonds as a safe-haven asset.

Dispite this week's rebound, gold remains 8% lower than before the US war on Iran, which forced investors to liquidate high-gain assets to cover severe losses elsewhere. But with the war apparently coming to an end, the fundamentals that pushed gold to record highs earlier this year—geopolitical turmoil, economic uncertainty, concerns over extreme national debt—should reassert themselves.

Platinum added 1% today and 3.7% this week. Palladium picked up 0.9% for a 3% weekly win.

At the New York spot close: gold gained $72.20 to $4,857.60; silver surged $3.13 to $81.74; platinum climbed $21.90 to $2,124.35; and palladium picked up $14.40 to $1,581.65 an ounce.