The precious metals may take much longer to challenge record prices set at the top of the year.
The US-Iran conflict is set to become a protracted war as leaders dig in their heels on any agreement. This week, the US rejectes an Iranian proposal to reopen the Strait of Hormuz in exchange for nuclear talk delays.
The fallout of a much longer war than expected is bound to exacerbate what the International Energy Agency has already called the largest energy supply shock on record.
This week’s US Federal Reserve rate decision also has the precious metals markets spooked that interest rates will remain in a holding pattern. Palladium was the only metal to post gains for the past week.
Let’s take a look at what’s got the precious metals moving over the past week.
Gold price news
The gold price faced headwinds from multiple directions between April 23 and Thursday (April 30).
The war in the Middle East and this week’s Fed decision were the primary factors. After trying to consolidate around the US$4,700 level, gold has retreated into the US$4,600 to US$4,650 per ounce range.
The yellow metal lost more than 1.95 percent compared to the same time last week, and remains down about 17 percent from the US$5,589.38 all-time high that it reached on January 28.
Tuesday (April 28) brought the sharpest correction for the week.
With US-Iran peace talks effectively going nowhere, the continued closure of the Strait of Hormuz has many investors accepting that central banks will likely keep interest rates higher for longer.
After ending the trading session on Monday at US$4,681.86, by early morning the next day the price of gold had fallen to a four week low of US$4,555.49. While it picked up more than US$40 by closing, gold failed to retake US$4,600.
Wednesday’s (April 29) Fed interest rate announcement brought home the realization that global energy prices are on their way up and higher interest rates will likely remain in place.
The price of gold hit its lowest point of the week, at US$4,510.62 in the morning trade.
“Jerome Powell’s comments did nothing to revive hopes of an interest rate cut this year, and there remains an 80% probability that rates will end the year within their current range, according to the CME Group (NASDAQ:CME) FedWatch Tool,” Simon-Peter Massabni, head of business development at XS.com, stated in a market commentary shared with the Investing News Network (INN). “This helped US Treasury yields strengthen their upward trend, with the yield on 10-year bonds rising to 4.43 percent, close to the highest level since July of last year, enhancing the appeal of fixed-income, yield-generating assets and posing a further threat to gold and hindering its recovery.”
Massabni also pointed to net outflows of more than US$1.1 billion from the SPDR Gold Shares ETF (ARCA:GLD), the largest gold exchange-traded fund, and meager inflows of only about US$51 million into the iShares Gold Trust ETF (ARCA:IAU) this week as factors working against gold.
By Thursday, gold had rebounded slightly to overtake the US$4,600 level, rising as high as US$4,645 in the early morning. As of 11:00 a.m. PDT on Thursday, the price of gold was trading at US$4,616.99.
Gold price chart, April 23 to April 30, 2026.
Chart via the Investing News Network.
What direction could gold take in the coming weeks? Here are the gold price’s potential near-term catalysts:
- On May 8, the Bureau of Labor Statistics (BLS) will release April 2026 non-farm payroll data, a key indicator for the health of the nation’s job market. Weaker-than-expected job growth typically weakens the dollar, providing upward momentum for the gold price.
- On May 12, the BLS will release April consumer price index data, which will give economists an idea of how sticky inflation may be. Higher inflation delays Fed rate cuts further, capping gold’s upside.
- The Fed will hold its next meeting from June 16 to 17. This will be the inaugural session for the new Fed Chair Kevin Warsh. Any shift toward a more restrictive policy could place downward pressure on the gold price, while a more dovish direction could drive the metal higher.
For more insight into what’s moving the gold market, check out INN’s recent interviews:
In other gold market news, in its April Commodity Market Outlook, the World Bank says that given the current geopolitical and economic environment, it sees gold prices averaging US$4,700 for 2026.
In gold-mining news, Ecuador is becoming an emerging gold mining jurisdiction in Latin America. This month, the Ecuadorian government inked a US$1.7 billion mining contract with China’s CMOC Group (OTCPL:CMCLF) to develop the Los Cangrejos gold deposit. The largest primary gold deposit in the country, once in production Los Cangrejos will be Ecuador’s third large-scale mining operation.
Silver price news
The silver price has lost more than 2.8 percent over the course of the last week, and is down nearly 40 percent from its all-time high of US$121.62 per ounce, which it set on January 29. As the white metal battles the same downward pressures as gold, silver has traded in the US$72 to US$78 range for the last seven days.
Along with the other precious metals, silver slid near the end of last week and hung in wait-and-see mode for much of Monday before slipping once again on Tuesday in anticipation that the Fed would hold rates steady.
After a close of US$77.72 on Thursday, silver had lost nearly 3 percent by the end of Friday’s session at US$75.42. Monday saw the silver price remain rangebound around the US$75 level.
However, the next day the price of silver had fallen to an intraday low of US$72.04 before a close of US$73.11. Silver tracked gold downward on Wednesday following the Fed rate announcement to as low US$70.89.
Thursday’s early morning session saw the silver price regaining ground to nearly the US$74 level; however, that didn’t last long, and by 11:00 a.m. PDT the price of silver was trading at US$73.67.
Silver price chart, April 23 to April 30, 2026.
Chart via the Investing News Network.
While silver often follows gold’s lead, it is highly sensitive to industrial data that does not typically affect gold. The metal also experiences tighter supply fundamentals, so mine supply data can also have an impact.
Here’s a look at the silver market’s potential near-term catalysts:
- In mid-May, analysts are watching for the release of solar installation data updates. While some thrifting – using less silver per cell — is expected to lower silver demand from this segment in 2026, China and Europe’s planned massive rollouts remain a primary price floor.
- Also in May, artificial intelligence (AI) infrastructure and data center reports from major tech firms regarding infrastructure expansion could act as a silver-specific catalyst. The metal is essential for the high-conductivity components used in AI data centers.
For more on what’s developing in the silver market, check out INN’s article on AI data center and Bitcoin-mining company Hyperscale Data (ARCA:GPUS) finalizing a supply partnership with Scottsdale Mint to expand its corporate treasury strategy beyond digital assets and into precious metals; it includes the buildout of a silver reserve program.
Interested in silver-mining stocks? Check out INN’s list: ASX Silver Stocks: 5 Biggest Companies in 2026.
In other silver market news, the World Bank expects silver to average around US$70 for 2026.
Platinum price news
The platinum price fell more than 2.1 percent over the period, and remains well off its January 2026 all-time high near US$2,924 per ounce. In line with the precious metals complex, platinum experienced a volatile downtrend.
Platinum finished last week at US$2,017.40, and has not closed above the US$2,000 level since.
The negative pressure continued on Monday as stalled US-Iran peace talks and the continued blockage of the Strait of Hormuz hyped concerns that central banks will keep interest rates higher for longer. The price of platinum dropped as low as US$1,984.60 in the early morning before a close of US$1,991.80.
Along with the broad selloff in the precious metals market, the platinum price plunged further on Tuesday morning to reach US$1,917.40, its lowest level in four weeks.
The bloodbath for platinum continued on Wednesday, with the metal falling below the US$1,900 level in the morning; it couldn’t manage to retake that level at closing, ending at US$1,884.90.
However, on Thursday platinum took a turn as traders bought the dip on tight supply and healthy industrial demand. By 11:00 a.m. PDT, the price of platinum was trading at US$1,986.90.
Platinum price chart, April 23 to April 30, 2026.
Chart via the Investing News Network.
As for potential near-term catalysts for platinum, a few key industry reports are on the horizon:
- On May 18, the World Platinum Investment Council will release its next quarterly platinum market report. This analysis will provide the first major data on supply and demand for 2026.
- Also in May, Johnson Matthey (LSE:JMAT,OTCPL:JMPLY) will publish its annual report on platinum-group metals (PGMs). The comprehensive review will cover platinum, palladium and other rare PGMs.
Palladium price news
The price of palladium faced a sharp decline late last week before mounting a V-shaped recovery on Thursday, achieving a gain of 4 percent over the course of the past week.
Palladium has performed rather well up against its precious metal peers this year. However, its price remains well below the 2022 palladium peak of around US$3,440 per ounce.
The price of palladium was trading as high as US$1,585.50 on April 23, but by the following day its value had sunk to a close of US$1,473.50 on a deep selloff in precious metals.
On Monday, palladium remained below the critical US$1,500 level for a close of US$1,478.50. Over the following two days, the metal remained rangebound between US$1,450 and US$1,490.
On Thursday, palladium bounced back above the US$1,500 level, rising as high as US$1,549 in the late morning as investors reassessed palladium supply/demand dynamics for 2026.
As of 11:00 a.m. PDT that day, the metal was trading at US$1,536.50.
Palladium price chart, April 23 to April 30, 2026.
Chart via the Investing News Network.
Russia-based Nornickel, which controls approximately 40 percent of global palladium supply, reported that its Q1 palladium production fell by 18 percent year-on-year. The company said it expects its output to drop from 2.725 million ounces produced in 2025 to a projected range of 2.415 million to 2.465 million ounces for 2026.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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