Gold and silver prices experienced declines in early Friday trading, with spot gold down 0.23% at $4,721.50 per ounce and silver falling 2.39% to $76.03 per ounce. This decrease follows a partial easing of tensions between the US and Iran, which has reduced the immediate demand for safe-haven assets, despite crude oil prices remaining steady above $90 per barrel.
Gaurav Garg, a research analyst at Lemonn Markets, highlighted the current market dynamics, stating, “The recent volatility in these precious metals can be attributed to the US extending a ceasefire with Iran, easing some geopolitical tensions and allowing for a temporary cooling in crude oil prices.”
In the Indian market, gold saw a gap-down opening between ₹1,51,500 and ₹1,52,500, while silver remained within the range of ₹2,42,000 to ₹2,45,000. Both metals have been given a mild bearish trend score of -1 by Axis Direct in their morning report, with stochastics indicating bearish tendencies for both MCX and Comex. The Kotak Neo technical report identified a sideways to bearish bias for MCX Gold (June), with a projected range of ₹1,50,430 to ₹1,52,490.
Crude oil prices continue to be a significant market influence, with MCX crude trading around ₹8,950 and WTI priced at $94.34 per barrel. On Wednesday, both benchmarks surged over 3% after reports that the Iranian Revolutionary Guard Corps seized two vessels in the Strait of Hormuz. Following this event, Iran has indicated that it does not plan to resume negotiations soon. Axis Direct provided an implied range for MCX crude between $89.28 and $99.06, with a mild bullish trend score of +1.
Ruchit Thakur, a Market Analyst at VT Markets, pointed out structural support for oil prices, noting, “Continued constraints such as disruptions in key transit routes like the Strait of Hormuz and cautious inventory trends are keeping prices supported.”
The extension of the ceasefire introduced conflicting signals, as a second round of US-Iran peace talks collapsed. Additionally, Vice President JD Vance canceled his planned visit to Pakistan after Iran declined to engage, while a Senate confirmation hearing for Fed Chair nominee Kevin Warsh hinted at a potentially hawkish policy stance, which may apply downward pressure on metal prices. The market currently anticipates no interest rate cuts through 2026.
On the prospective outlook for precious metals, Renisha Chainani, Head of Research at Augmonts, provided insight into the technical situation: “Gold is trading in the range of $4,650 and $4,850 from the past few days. An upward or downward breakout will likely yield a 3–4% directional move.”
In contrast, base metals remain stable. MCX copper traded near ₹1,300, up 1.74%, bolstered by pre-holiday restocking activities in China ahead of the Labour Day break. LME aluminum also rose by 1.59%, supported by supply disruptions in the Middle East and increasing US import premiums. Axis Direct rated copper as neutral, assigning a trend score of 0.
Market participants are now awaiting US jobless claims and S&P Global Flash PMI data set to be released later on Friday, which could reshape expectations regarding interest rate movements and influence the near-term direction for commodities.
Published on April 23, 2026.
