Gold and silver are under pressure following US military strikes on southern Iran, which have effectively ended near-term hopes for a diplomatic resolution.

Gold and silver remain under pressure as Middle East uncertainty sustains investor caution around inflation risk. The dollar holds firm after renewed US strikes on Iranian targets and signals that a diplomatic resolution may be delayed, undermining expectations of an imminent Strait of Hormuz reopening

Gold fell below $4,500, and silver slipped under $75, as rising US-Iran tensions kept inflation risks and rate-hike prospects at the forefront of investor sentiment.

Gold is finding support near $4,500 and Silver near $75, both surrendering a portion of the prior session’s gains. Sentiment has weakened on two fronts: unresolved Middle East tensions and sticky inflation.

Global precious metals markets endured one of their most punishing weeks of 2026, as a confluence of surging US inflation data, aggressive Fed repricing, dollar strength, and a deepening geopolitical impasse in the Middle East combined to drive gold and silver sharply lower.

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.