Gold and silver rates today, 4 May 2026: Following a rise in crude oil prices after the escalation in the US-Iran war, gold and silver rates today witnessed a sharp sell-off during the Monday session. By 4:00 PM IST, the COMEX gold rate today is oscillating around $4,535/oz, logging an intraday loss of nearly 2.30%. The MCX gold rate shed over ₹1,500 per 10 gm and slipped below the ₹1,50,000 levels.
Likewise, the COMEX silver rate today corrected nearly 5% to around $72.60/oz, and the MCX silver rate lost over ₹6,200 per kg and slipped below ₹2,45,000 per kg.
According to market experts, gold and silver rates are under pressure after the news reports of Iran firing two missiles at a US warship, which has escalated the tension in the US-Iran war. They said the US administration is yet to respond to this news, and till any response comes from the white house, the COMEX gold rate is expected to trade in the $4,500 to $4,600 per ounce range, whereas the COMEX silver rate is expected to remain in the small $70 to $75 per ounce range. However, they maintained that the silver rate today is in a broader $68 to $78 per ounce range in the international market.
Experts said the MCX gold rate today is in the ₹1,47,000 to ₹1,52,000 per 10 gm range, while the MCX silver rate today is in the ₹2,40,000 to ₹2,50,000 per kg range.
Soaring crude oil prices in focus
Highlighting the reason for the sharp sell-off in the gold and silver rates today, Anuj Gupta, a SEBI-registered market expert, said, “The news agency Reuters has reported that Iran has fired two missiles at a US warship near the Strait of Hormuz, which has escalated the tension in the US-Iran war. This led to a sharp rise in crude oil prices today. The WTI crude oil shot up over 5% to $107 per barrel, while the Brent crude oil price came close to $120/bbl.”
The SEBI-registered expert said that soaring crude oil prices strengthened the petrodollar, fueling the hawkish US Fed speculations. Hence, profit-booking triggered in the bullion across bourses.
Kaynat Chainwala, AVP — Commodity Research at Kotak Securities, believes energy costs risk prompting central banks to hold interest rates elevated longer, adding pressure on non-yielding bullion. Both metals slipped to near one-month lows last week on a hawkish Fed stance, with three officials dissenting against softening language in the April FOMC statement, effectively pricing out 2026 rate cuts.
“With the Iran standoff unresolved and rate cuts off the table, the near-term risk skew for bullion remains firmly to the downside,” said Kaynat Chainwala of Kotak Securities.
Gold, silver rates today: Key levels to watch
Expecting high volatility in the gold and silver rates today, Anuj Gupta said, “Gold rate today in the international market is expected to remain in $4,500 to $4,600/oz, while the silver rate today in the international market is expected to trade in a broader $68 to $78 per ounce.”
Anuj Gupta said the MCX gold rate may trade in ₹1,47,000 to ₹1,52,000 per 10 gm, while the MCX silver rate may continue to trade in ₹2,40,000 to ₹2,50,000 per kg.
US-Iran news
According to the news agency Reuters, Iran’s navy prevented “American-Zionist” warships from entering the Strait of Hormuz on Monday, state TV reported, while the Fars news agency said two missiles had hit a U.S. warship near Jask on the Gulf of Oman after it ignored Iranian warnings.
Reuters could not independently verify the reports, and the United States did not immediately respond.
Iran had warned U.S. forces on Monday not to enter the strategic waterway after President Donald Trump said the United States would “guide out” ships stranded in the Gulf by the US-Israeli war on Iran.
Trump gave few details of the plan to aid ships and their crews that have been confined to the vital waterway and are running low on food and other supplies for more than two months into the conflict.
“We have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump said in a post on his Truth Social site on Sunday.
In response, Iran’s unified command told commercial ships and oil tankers to refrain from any movement not coordinated with the Iranian military.
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