Gold is on track for a modest weekly loss as war-driven inflation pressures in the US have reinforced expectations of a prolonged high-rate environment

Silver advanced toward $90, its highest level in two months, outpacing broader precious metals on strengthening industrial demand fundamentals. Structural consumption from solar energy, electric vehicles, and AI data centre infrastructure remains the primary catalyst.

Gold and silver prices surged 6% after the government raised effective import duties on both metals to 15% from 6%, targeting a widening import bill and geopolitical pressure stemming from the West Asia crisis.

Silver surged over 6%, recovering from early-session weakness to reach its highest price in nearly two months, as investors tracked US-Iran nuclear negotiations. President Trump’s characterisation of the Iran ceasefire as being on “massive life support” has driven risk aversion among traders.

Gold and Silver have resumed their upward trend, supported by optimism around a potential US–Iran peace deal that is weakening the safe-haven appeal of the USD.

Silver surged over 6% to above $78, while Gold rose approximately 3% to trade near $4,700. The primary driver was easing Middle East tensions, which pressured oil prices lower and reduced inflation concerns.

Gold and silver have recovered from key support levels as Middle East de-escalation signals pressured oil prices, reducing inflation concerns. The dollar weakened against major currencies after the US indicated progress toward an Iran deal, while the yen surged to a two-month high amid intervention expectations.

Gold stabilised near $4,500 after a near 2% decline, weighed down by escalating Middle East tensions that have pushed energy prices sharply higher and stoked inflation fears.

Gold held near $4,550, at one-month lows, as rising energy costs fueled inflation concerns and reinforced expectations of further central bank tightening.

Gold traded below $4,600 and Silver below $73, both near one-month lows, as higher energy prices, a strengthening dollar, elevated inflation expectations, and a persistent higher-for-longer interest rate outlook have collectively tightened short-term conditions for precious metals.

Gold is trading below $4650 as investors evaluate ongoing diplomatic efforts to resolve the US–Iran conflict. The crisis has caused a significant disruption to energy supplies and heightened inflation concerns. Markets are also focused on upcoming monetary policy decisions by the Fed, ECB, and BOJ this week.

Gold is consolidating around $4750 and silver around $78, recouping some losses from the previous session after President Trump’s unilateral announcement extending the ceasefire with Iran. However, a second round of peace talks has broken down.