Gold, silver rates today: Gold and silver prices fell up to 2.5% on Monday, April 20, after ships were attacked in the Strait of Hormuz over the weekend, reviving concerns about disruptions to energy supplies and adding to inflation worries amid over seven weeks of conflict in the Middle East.
The COMEX gold rate today was down 2% to $4,780 per ounce, erasing most of last week’s 1.7% advance. Meanwhile, the COMEX silver rate today plunged 2.5% to $78.75 per ounce during the Asian trading hours on Monday.
Gold has declined roughly 9%, and silver has lost around 14% since the beginning of the US-Iran war in late February.
What’s driving gold and silver prices?
According to a Bloomberg report, President Donald Trump said that the US Navy had fired on and seized an Iranian-flagged cargo vessel, as Tehran warned that ships nearing the strait would be seen as breaching a ceasefire. Several vessels were compelled to turn back just hours after Iran had declared the waterway open.
The latest developments have cast doubt over the chances of potential peace talks in Islamabad. Trump indicated there was still scope for a deal, while reiterating threats to target Iranian power infrastructure and bridges. Iran, however, stated there was no “clear prospect” of reaching an agreement, as per the Bloomberg report.
Oil prices surged on Monday after dropping in the previous session when Iran had announced the Strait of Hormuz was “completely open.” US equity futures declined, and the dollar strengthened by as much as 0.3%, putting pressure on gold, which is priced in the US currency. The lack of a durable diplomatic resolution to the conflict has fueled market volatility in recent weeks, highlighting once again the fragility of a ceasefire set to expire on Tuesday.
The prolonged conflict has led to a significant disruption in energy supplies, heightening inflation concerns and increasing the likelihood that central banks will keep interest rates elevated or even raise them further — a negative factor for non-yielding assets like bullion.
Gold and silver prices outlook
Brokerage firm Mirae Asset Mutual Fund said in a note that silver’s outlook remains more volatile than gold, reflecting its dual precious and industrial metal role.
“Despite sharp corrections from early 2026 highs, the market is expected to post a sixth consecutive annual supply deficit, with mine supply constrained after years of underinvestment. High prices have led to moderating near-term demand growth but not removing longer term structural tightness. Markets continue to expect elevated average prices in 2026, but with material volatility,” the note said.
According to Ponmudi R, CEO of Enrich Money, safe-haven demand has moderated, it remains underpinned by lingering geopolitical uncertainty. Gold and silver are attracting selective buying interest at lower levels, suggesting improving sentiment and a more favourable risk-reward profile near key support zones.
On the COMEX gold prices outlook, Ponmudi said that the metal is trading near the $4,850–$4,900 zone, extending its recovery, with price action indicating gradual stabilisation and improving short-term sentiment. On the weekly structure, gold is attempting to rebuild momentum above key support levels, with the $4,750–$4,700 zone acting as a strong base.
“On the upside, immediate resistance is placed around the $4,900–$4,950 zone, followed by a stronger hurdle near $5,000–$5,050. A sustained breakout above these levels would confirm a resumption of bullish momentum and could open the path toward $5,150–$5,250 in the coming weeks. On the downside, a break below the $4,700–$4,650 support zone could weaken the structure and extend the decline toward $4,550–$4,500, where stronger buying interest is expected to emerge. Overall, the broader trend remains constructive with a positive bias, with declines likely to attract buying interest,” he said.
Meanwhile, on the COMEX silver prices outlook, he added that the white metal is trading near the $81–$82 zone, with gradual improvement in momentum and the formation of higher lows in recent sessions, indicating a recovery attempt. The $77–$75 zone is acting as an immediate support base.
“Holding above this region keeps the recovery intact, while a break below it could reintroduce downside pressure toward $72–$70, and further toward $68–$65. On the upside, immediate resistance is placed around the $82–$85 zone, followed by a stronger hurdle near $88–$90. A sustained breakout above these levels would confirm a resumption of bullish momentum and could open the path toward $95–$100. Overall, the broader trend remains constructive on higher timeframes, with momentum likely to strengthen only on a decisive breakout above key resistance levels,” Ponmudi said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
