Gold, silver rates today: Gold and silver rates today jumped up to 7% after US President Donald Trump and Iran agreed to a two-week ceasefire to allow negotiations aimed at ending the US-Iran war that has unsettled global markets.
COMEX gold rate today surged as much as 3.1% to rise above $4,850 per ounce, building on a 1.2% increase from the previous session. Meanwhile, COMEX silver prices rose nearly 6.80% to $76.92 per ounce on Wednesday, during the Asian trading hours.
Gold prices have dropped around10%, and silver prices have declined over 17% since the conflict started at the end of February. However, a modest rebound in recent days has been supported by optimism around a potential ceasefire and expectations that slowing global economic growth could offset expectations of steady or higher interest rates.
US-Iran war ceasefire update
Trump said the US had agreed to a two-week halt in military strikes and had received a 10-point proposal from Iran, which he called a workable starting point for negotiations.
His remarks came after earlier warnings that Tehran needed to reopen the Strait of Hormuz or face potential US retaliation.
In a social media post, Trump said he had decided to pause the bombing campaign less than two hours before a self-imposed deadline to destroy Iran’s “entire civilisation,” noting that reopening the Strait of Hormuz was a key condition for the pause. Iran responded that safe passage through the strait could be ensured for the two weeks.
Oil prices dropped below $100 per barrel, and the dollar weakened, which in turn supported gold prices, as the metal is priced in US currency.
Pakistan, acting as a mediator between Washington and Tehran, had sought a two-week extension to allow diplomatic efforts to move forward.
Iran’s Supreme Security Council announced that talks with the US would begin on Friday, April 10, in Islamabad after submitting its proposal through Pakistan, while emphasising that the negotiations did not indicate an end to the conflict.
Gold and silver prices outlook
According to Ross Maxwell, Global Strategy Operations Lead, VT Markets, gold and silver prices are likely to remain volatile through the rest of the year, with a modest upward bias as long as macro conditions stay supportive.
Maxwell noted that gold may continue to benefit from its safe-haven appeal, especially if geopolitical tensions persist or economic growth slows, while silver could see more mixed performance given its role as an industrial metal if high energy prices persist and have a negative impact on global growth.
“Gold and silver can act as a hedge and help portfolio diversification, but they should not dominate allocations. Gradual accumulation rather than all-in investing can help manage volatility and help with dollar cost averaging if we see sharp corrections. Staying focused on long-term objectives rather than short-term price swings is key in navigating this uncertain environment,” he added.
On the technical outlook of the gold prices, Renisha Chainani, Head, Research at Augmont, said that gold prices are expected to trade in the range of $4580 or ₹144,000 to $4800 or ₹154,000 this week, breakout or breakdown.
On the silver prices outlook, Chainani added that silver is expected to trade in the range of $67( ₹215,000) to $77( ₹243,000) this week before giving a breakout or breakdown.
(With inputs from agencies)
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