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.

4/30/2026: Gold rises on falling oil, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rebounded 1.5% to close near $4,615 as oil prices retreated from four-year highs and the dollar plunged on yen intervention, boosting alternative stores of value. Bullion still slipped 0.7% in April. Silver surged 2.7% to finish at $73.53 for a monthly decline of 0.2%.

US benchmark WTI crude futures fell 1.4% to $105.25 and global benchmark Brent declined 3.2% to $114.20 after hitting a 2022 high above $126 as traders began to price-in slower global growth, and therefore diminished demand, because of the protracted US war on Iran.

The US and Iran remain far apart on terms that would reopen the Strait of Hormuz, with Donald Trump saying today that he may re-escalate hostilities after telling aids to prepare for an extended standoff. The global price of oil has doubled since the war began.

The dollar tumbled 1% against major rivals and 3% against the yen after the BOJ intervened to prop up its currency. A weaker dollar supports gold and other commodities by making them less expensive in other currencies, lifting demand overseas.

While the Fed is under pressure from Trump to cut interest rates, other major central banks have signaled their openness to raising rates to head off inflation caused by the Iran war oil shock. Higher rates make other currencies more attractive to Forex traders, weakening the dollar.

Data released today showed the PCE price index, the Fed's favorite inflation gauge, jumped 0.7% last month, the biggest rise in four years. Rising inflation has shifted reduced rate cut expectations, propelling gold's 13% decline since the start of the Iran war.

Platinum rose 5% today and 1.5% this month. Palladium added 5.5% for a monthly gain of 3.6%.

At the New York spot close: gold rose $69.50 to $4,614.70; silver surged $1.96 to $73.53; platinum picked up $93.70 to $1,979; and palladium advanced $80.50 to $1,538.95 an ounce.

4/29/2026: Gold falls as oil jumps

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell for a third session, slipping another 1% to finish under $4,546, after oil prices surged on worries about a prolonged disruption in supply. Treasury yield and the dollar rose with inflation expectations, pressuring alternative stores of value. Silver dropped 2.4% to finish at $71.57 an ounce.

President Trump rejected Iran's latest peace proposal and reportedly told aids to prepare for an extended blockade, potentially sealing the Strait of Hormuz for months and exacerbating the unprecedented energy shock that has disrupted markets.

US benchmark WTI crude jumped 7.3% to more than $107 a barrel and global benchmark Brent crude rose 7.2% to more than $119 after touching its highest point since 2022 earlier in the session.

While gold typically trades in sympathy with oil, rising with oil as a hedge against energy-related inflation, the unprecedented global price shock because of the Iran war has all but eliminated further easing by central banks, and may result in rate hikes. This fading likelihood of rate cuts—and the growing possibility of rate hikes—is pressuring gold in the near term.

10-year US Treasury yields jumped above 4.4% on the shifting inflation and interest rate outlook. Higher yields weigh on gold by increasing opportunity costs for holding the non-yielding asset instead of bonds for safety.

Tracking higher with yields the dollar added 0.3% against major rivals, pressuring gold and other commodities priced in it for global trade by making them more expensive in other currencies.

The Fed held interest rates unchanged, as expected.

The World Gold Council reported that global gold demand rose 2% in Q1 driven by sharply higher retail investment in coins and bars, and by a 3% rise in central bank buying. Jewelry demand fell 23% due to high prices.

Platinum and palladium lost 3.3% and 0.7%, respectively.

At the Ne York spot close: gold fell $46.30 to $4,525.30; silver shed $1.73 to $71.57; platinum dropped $64.65 to $1,885.30; and palladium lipped $10.40 to $1,458.45 an ounce.

4/28/2026: Gold slips again on oil, yields

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slid 1.8% to close under $4,592 as pessimism over the Strait of Hormuz lifted oil futures, inflation expectations, and Treasury yields while pressuring alternative stores of value. Silver fell 2.3% to end at $73.30 an ounce.

President Trump rejected the latest Iranian peace proposal, essentially guaranteeing the continued closure of the Strait of Hormuz, passageway for 20% of the world's oil.

Global benchmark Brent crude rose 4% to more than $100 per barrel on the prospect of reduced supplies, exacerbating the biggest energy shock in a generation and fueling expectations of higher inflation worldwide.

Last week, Brent crude futures gained 16% and US benchmark WTI crude rose 13%. The average US gasoline price has risen to a four-year high above $4 a gallon, surging more than 40% since the start of the US war on Iran.

The World Bank sees commodity prices rising 16% this year to the highest level in four years as the war continues to interrupt supplies for oil and key minerals.

Benchmark 10-year Treasury yields rose on speculation that energy-driven inflation will prevent the Fed from raising interest rates this year. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

The dollar tracked higher with yields, adding 0.1% against major rivals. A stronger dollar pressures gold and other commodities by making them pricier overseas.

The Fed began its final meeting under Jerome Poweel as Fed Chair today. Traders eagerly await indication of policy direction and the meeting's close tomorrow.

Platinum and palladium slid 1.6% and 0.7%, respectively.

T the New York spot close: gold slipped $83.90 to $4,591.50; silver shed $1.70 to $73.30; platinum dropped $31.15 to $1,949.95; and palladium lost $10.80 to $1,468.85 an ounce.

4/27/2026: Gold falls on stalled talks

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 1% to close under $4,676 as stalled peace talks between the US and Iran lifted oil prices and inflation expectations, reducing the likelihood of rate cuts from the Fed. Silver dropped 1.8% to finish at $75 an ounce.

President Trump called off peace talks this weekend, recalling envoys and telling Iran "to call if they want a deal." With negotiations at a standstill, the Strait of Hormuz remains closed to tanker passage, cutting off 20% of global oil production.

Global benchmark Brent crude rose 2.3% on the ongoing limit in supplies, lifting the inflation outlook created by the biggest energy shock in more than a generation and reducing the likelihood that the Fed will be able to lower interest rates soon.

Benchmark 10-year Treasury yields rose on shifting rate view, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Traders are eyeing key central bank meetings this week, including 5 of the G10 nations and notably Jerome Powell's last meeting as Fed Chair.

Platinum and palladium lost 1.8% and 1.6%, respectively.

At the New York spot close: gold dropped $46.90 to $4,675.40; silver shed $1.38 to $75; platinum fell $35.65 to $1,981.10; and palladium lost $23.90 to $1,479.65 an ounce.

4/24/2026: Gold gains on peace talk hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.4% to close above $2,722 as oil, Treasury yields, and the dollar all slipped on hopes for further peace talks between the US and Iran. Bullion still fell 2.8% for the week, its first weekly loss in five, as the impasse in Hormuz raised inflation expectations and dimmed the outlook for rate cuts from the Fed. Silver rose 1.2% to finish at $76.40 while posting a weekly loss of 6.5%.

Iranian Foreign Minister Abbas Araghchi is reportedly heading to Pakistan this weekend, possibly to resume peace talks with US representatives. Although no face-to-face meetings are confirmed, the indications helped to lower tensions over the aggressive posturing by both sides in the Strait of Hormuz this week.

Global benchmark Brent crude fell more than 1% to under $95 per barrel on the chance that Hormuz could soon be unblocked, returning 20% of the world oil production to the market.

The dollar fell 0.3% against major rivals on speculation that opening Hormuz could lower oil and therefore inflation, increasing the possibility of rate cuts this year. Still, the buck scored its first weekly rise in three, adding 0.3% because of higher oil prices earlier this week.

Also pressuring the dollar was the decision by the DOJ to drop its suit against Fed Chair Powell, opening the door to the confirmation of Kevin Warsh, who is widely expected to press for lower interest rates.

Treasury yields fell alongside the dollar for the same reasons. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds for safety. And a weaker dollar lifts gold and other commodities by making them less expensive in other currencies.

Separately, consumer sentiment fell to the lowest level on record in March, according to the University of Michigan survey, because of worries about the economic damage caused by the US war on Iran.

Platinum dipped 0.3% for a weekly loss of 5.1%. Palladium added 2% but still lost 5% this week.

At the New York spot close: gold gained $17.20 to $4,722.30; silver rose 94 cents to $76.40; platinum slipped $6.85 to $2,015.75; and palladium climbed $29.60 to $1,503.55 an ounce.

4/23/2026: Gold slips on Hormuz standoff

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.6% to close near $4,705 as escalating tensions over the Strait of Hormuz raised oil prices and inflation expectations while dimming the prospect of rate cuts from the Fed. Silver shed 3.1% to finish at $75.46 an ounce.

The standoff in the Strait of Hormuz intensified, with both sides maintaining blockades that prevent 20% of the world's oil production from entering the global market. Iran released videos of its troops occupying a huge cargo vessel while the US seized an Iranian tanker in the India Ocean.

Global benchmark Brent crude rose back above $105 a barrel on the prospect of decreased supply, driving inflation-expectations higher and the outlook for Fed rate cuts lower. Fed funds futures trades now see only a 27% chance of a rate cut this year.

While gold is often purchased as a hedge against inflation, especially energy-inflation, it is also subject to pressure from rising yields and a stronger dollar, factors that are taking precedence in today's market.

Benchmark 10-year Treasury yields climbed again on the shifting rate view, weighing on gold by increasing the opportunity cost for holding it instead of bonds for safety. Tracking with yields, the dollar picked up 0.1% against major rivals, pressuring gold and other commodities by making them more expensive overseas.

Platinum and palladium fell 2.7% and 5.2%, respectively.

At the New York spot close: gold fell $27.40 to $4,705.10; silver shed $2.43 to $75.46; platinum dropped $56.05 to $2,022.60; and palladium lost $80.70 to $1,473.95 an ounce.

4/22/2026: Gold gains on bargain-hunting

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.8% to close above $4,732 despite stronger equities and an uptick in the dollar as bargain-hunters entered the market after President Trump extended the ceasefire with Iran. Silver added 1.9% to finish at $77.89 an ounce.

Trump declared that the ceasefire will be extended indefinitely so that Iranian negotiators can finalize their terms for peace. However, Iran seized two ships in the Strait of Hormuz and Trump said the US blockade of Iranian ports would continue. Around 20% of the world's oil supply is effectively removed with the Strait closed.

The markets reacted with relief, founded or not, that the impasse over the Strait would eventually be resolved. The Dow and S&P 500 added 0.5% and 0.8%, respectively, while the tech-heavy Nasdaq climbed 1.4% behind AI optimism.

The dollar picked up 0.3% against major rivals on lingering worries that the US war on Iran could push back further easing by the Fed. Most economists polled by Reuters now anticipate one rate cut this year, probably in autumn, down from two cuts in a March poll. Soaring fuel prices and tumbling consumer confidence are to blame, according ot the survey.

Platinum and palladium rose 2.5% and 0.8%, respectively.

At the New York spot close: gold gained $39.25 to $4,732.50; silver surged $1.48 to $77.89; platinum picked up $50 to $2,078.65; and palladium climbed $12.70 to $1,554.65 an ounce.

4/21/2026: Gold falls further on Iran, oil

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 2.3% to close under $4,694 as escalating worries about the ceasefire between the US and Iran lifted oil and yields for a second session. Silver shed 4.4% to finish at $76.41 an ounce.

Peace talks have been put on hold after the Iran failed to respond to US negotiating points, prompting VP JD Vance to cancel his trip to Pakistan. The two sides remain far apart on key terms like the surrendering of nuclear material and reopening the Strait of Hormuz.

President Trump said the US military is "ready and raring to go," suggesting bombardments may resume at any time.

Brent crude, the global benchmark, rose around 3% on concerns that oil shipments through the Strait may remain blocked for an extended period.

Benchmark 10-year Treasury yields rose again on expectations that rising oil will fuel inflation, preventing the Fed from reducing interest rates this year. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar added 0.3% against major rivals, pressuring gold and other commodities by making pricier in other currencies.

Platinum and palladium lost 2% and 1;6%, respectively.

At the New ork spot close: gold fell $112.35 to $4,693.25; silver shed $3.54 to $76.41; platinum dropped $41.85 to %2,028.65; and palladium slid $24.90 to %1,541.95 an ounce.

4/20/2026: Gold drops on Iran, oil worries

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold dropped 1% to close under $4,807 after renewed uncertainty about the Iran ceasefire raised oil prices and inflation expectations, lifting Treasury yields while pressuring alternative stores of value. Silver shed 2.2% to finish at $79.95 an ounce.

Iran again closed the Strait of Hormuz over the US refusal to lift its blockade, jeopardizing the tenuous ceasefire agreed upon last week. In addition, the US seized an Iranian cargo ship, prompting threats of retaliation by Iran and reluctance to participate in further peace talks.

President Trump said an extension of the ceasefire is "highly unlikely" if a broader peace deal is not reached by Wednesday.

US benchmark WTI crude jumped nearly 6% on the prospect of supply interruptions because of continued hostilities in the Middle East.

Benchmark 10-year Treasury yields climbed on expectations that higher oil prices could lift inflation, preventing the Fed from lowering interest rates later this year. Higher yields weigh on gold by increasing the opportunity costs for holding it instead of bonds for safety.

Investors await new data on retail sales, jobless claims, and consumer sentiment later this week for further clues on interest rates.

Platinum and palladium fell 2.5% and 0.9%, respectively.

At the New York spot close: gold slid $51 to $4606.60; silver shed $1.79 to $79.95; platinum dropped $53.65 to $2,070.70; and palladium lost $14.80 to $1,566.85 an ounce.