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Gold, silver extend losses amid oil price surge, risk-on sentiment
23 Apr 2026

Gold and silver prices have witnessed a dip in early trade today. The decline is mainly due to the easing geopolitical tensions after the US-Iran ceasefire extension, which has reduced the demand for safe-haven assets.

On the COMEX, gold futures were trading at $4,750 per ounce, down $2.80 or 0.06%.

Silver futures also fell by $0.301 or 0.39% to $77.66 per ounce during this period of market volatility and uncertainty over future Federal Reserve policy decisions.

Global equities show risk-on sentiment
Market response

The muted movement in precious metals comes as global equities show a risk-on sentiment.

Asian markets have rallied, mirroring overnight gains on Wall Street after US President Donald Trump extended the ceasefire with Iran.

This has eased immediate fears of escalation and improved investor appetite for risk assets.

However, underlying geopolitical risks remain unresolved, keeping energy markets volatile and oil prices about $100.

Gold remains supported by central bank buying
Market dynamics

Despite the easing tensions, gold continues to draw support from its role as a hedge against geopolitical risks and inflation. This is coupled with sustained central bank buying, particularly from Asian economies.

However, elevated but stabilizing real yields have limited the metal's upside momentum.

Market focus is now shifting toward the US Federal Reserve policy due on April 29, which will be a key trigger for direction.