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Why gold, silver are falling even as risks rise
24 Apr 2026

Gold and silver prices fell on Friday amid a cautious global market tone. The decline was largely due to heightened geopolitical tensions in West Asia and rising oil prices.

On the COMEX, gold was trading at $4,705.80/ounce, down by $18.20 or 0.39%.

Silver also witnessed a dip with COMEX silver at $75.11/ounce, lower by $0.39 or 0.52%.

Oil prices surge amid US-Iran diplomatic deadlock
Market influence

The global market sentiment remained fragile amid stalled US-Iran diplomatic efforts and continued disruptions in the Strait of Hormuz, a major oil transit route.

These uncertainties have pushed crude oil prices higher, with Brent crude rising to around $106.20 per barrel, further fueling inflation concerns.

Higher oil prices and strong inflation expectations have bolstered the case for a prolonged period of higher interest rates, making non-yielding assets like gold and silver less attractive.

Asian equities open lower, US markets end mixed
Market response

Asian equities opened lower, with the MSCI Asia Pacific Index slipping 0.1%.

Meanwhile, US markets ended mixed overnight.

A stronger dollar also added pressure on bullion prices, further complicating the market scenario for gold and silver.

Analysts have noted that both metals have given up earlier gains as geopolitical developments continue to unfold rapidly.

Traders to watch macroeconomic data, US-Iran developments
Future outlook

Despite the near-term volatility, experts believe that gold's broader fundamentals remain intact as it continues to serve as a hedge against uncertainty.

However, silver continues to see relatively weaker investment demand with industrial usage providing limited support.

Going forward, traders are expected to keep an eye on macroeconomic data such as US jobless claims and PMI readings along with developments in the US-Iran situation.