AGE Daily Gold Update

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

5/1/2026: Gold rises on peace hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained $15.20 to close near $4,630 as hopes for new ceasefire talks pressured oil prices and raised speculation that the Fed could resume rate cuts this year. Bullion still lost 2% this week on sharply higher oil. Silver surged 3.3% to $75.90 but slipped 0.6% this week.

Tehran has reportedly submitted a new proposal for negotiating the end of the US war on Iran and the reopening of the Strait of Hormuz. No details have been released.

US benchmark WTI crude fell 3% but held above $102 per barrel on hopes that the fragile ceasefire could lead to sustained peace, allowing 20% of the world's oil production to re-enter the market through eh Strait of Hormuz.

The prospect of normalizing in the oil market lowered inflation expectations and increased speculation that the Fed could resume rate cuts sometime this year. Lower rates support gold by suppressing bond yields and lowering the opportunity cost for holding non-yielding assets like gold.

But deep divisions in the Fed render further rate cuts uncertain in the hear-term. At this week's FOMC meeting several members advocated rate hikes because of the unprecedented energy shock stemming from the war. Several others want lower rates soon to help absorb the blow to economy.

Platinum gained 0.7% for a weekly loss of 1.1%. Palladium was flat for the day but rose 2.3% for the week.

At the New York spot close: gold gained $15.20 to $4,629.90; silver climbed $2.42 to $75.95; platinum picked up $14.65 to $1,993.65; and palladium was virtually unchanged at $1,538.25 an ounce.