Gold and silver fell in early Thurday trade, with spot gold down 0.23 per cent to $4,721.50 per ounce and silver declining 2.39 per cent to $76.03 per ounce, as a partial easing of US-Iran tensions reduced immediate safe-haven premiums even as crude oil held firm above $90.
Gaurav Garg, research analyst at Lemonn Markets, noted the mixed picture: “…the recent volatility in these precious metals can be attributed to the US extending a ceasefire with Iran, which has eased some geopolitical tensions and allowed for a temporary cooling in crude oil prices…”
On MCX, gold opened gap-down around ₹1,51,500–₹1,52,500, while silver held within ₹2,42,000–₹2,45,000. Both carry a mild bearish trend score of -1 per Axis Direct’s morning report, with stochastics bearish on both MCX and Comex. The Kotak Neo technical report pegged MCX Gold (Jun) bias as sideways to bearish, with a range of ₹1,50,430–₹1,52,490.
Crude oil remained the dominant market driver. MCX crude was trading near ₹8,950, with WTI at $94.34 per barrel. Wednesday saw both benchmarks surge over 3 per cent after the IRGC reportedly seized two vessels in the Strait of Hormuz. Iran has since indicated it does not plan to resume negotiations in the near term. Axis Direct’s implied range for MCX crude stands at $89.28–$99.06, with a mild bullish trend score of +1.
Ruchit Thakur, Market Analyst at VT Markets, had flagged the structural support for oil: “…continued constraints such as disruptions in key transit routes like the Strait of Hormuz and cautious inventory trends are keeping prices supported…”
The ceasefire extension, however, introduced conflicting signals. A second round of US-Iran peace talks collapsed, and Vice President JD Vance cancelled his Pakistan visit after Iran declined to engage. Meanwhile, the Senate confirmation hearing of Fed Chair nominee Kevin Warsh signaled a potentially hawkish policy posture, adding downward pressure on metals. Markets are pricing in no rate cuts through 2026.
On the relative outlook for precious metals, Renisha Chainani, Head of Research at Augmonts, laid out the technical picture ahead of today’s session: “…gold is trading in the range of $4,650 and $4,850 from past few days. Either side breakout or breakdown will give a 3–4 per cent directional move…”
Base metals held firm. MCX copper traded near ₹1,300, up 1.74 per cent, supported by pre-holiday restocking in China ahead of the Labour Day break. LME aluminium gained 1.59 per cent, underpinned by Middle East supply disruptions and rising US import premiums. Axis Direct rated copper neutral with a trend score of 0.
Investors now await US jobless claims and S&P Global Flash PMI data due later Friday, which could reshape rate-cut expectations and set the near-term directional tone for commodities.
Published on April 23, 2026
