Gold, Silver Rate Today Highlights: Gold prices drop on Middle East tensions, Strait of Hormuz closure as oil prices rise; what's the outlook?

Spot gold is quite volatile as it continues to react to US-Iran headlines, consequently to oil prices. The yellow metal rallied 0.87% to $4830 on April 17 as the news of the Strait of Hormuz opening broke out. However, relaxation in the Strait traffic which was to last until the ceasefire period of Israel-Lebanon, nine more days effectively, has ended as US blockade continues.

Iran has expressed doubts about its participation in the second round of US-Iran talks in Pakistan as it accuses US of pushing for unrealistic demands and shifting goals.

The yellow metal slumped to $4737 in the Asian session today as oil prices surged stoking inflation concerns.

Gold, currently around 0.90% lower at $4790, is expected to be volatile and choppy and may trade with a slight bearish tilt as the US President Trump's deadline of Tuesday nears, says Praveen Singh, Head of commodities at Mirae Asset ShareKhan.

Spot gold is quite volatile as it continues to react to US-Iran headlines, consequently to oil prices. The yellow metal rallied 0.87% to $4830 on April 17 as the news of the Strait of Hormuz opening broke out. However, relaxation in the Strait traffic which was to last until the ceasefire period of Israel-Lebanon, nine more days effectively, has ended as US blockade continues.

Iran has expressed doubts about its participation in the second round of US-Iran talks in Pakistan as it accuses US of pushing for unrealistic demands and shifting goals.

The yellow metal slumped to $4737 in the Asian session today as oil prices surged stoking inflation concerns.

Gold, currently around 0.90% lower at $4790, is expected to be volatile and choppy and may trade with a slight bearish tilt as the US President Trump's deadline of Tuesday nears, says Praveen Singh, Head of commodities at Mirae Asset ShareKhan.

Silver prices declined sharply on Monday, dropping by Rs 5,175 to Rs 2,51,967 per kilogram as traders trimmed their positions.

On the Multi Commodity Exchange of India, May delivery contracts for silver slipped Rs 5,175, or 2.01%, to Rs 2,51,967 per kg, with a turnover of 1,505 lots.
Market participants attributed the fall largely to selling pressure in the market.

In global trading, silver in New York was also lower, easing 1.54% to $79.64 per ounce.

Silver prices declined sharply on Monday, dropping by Rs 5,175 to Rs 2,51,967 per kilogram as traders trimmed their positions.

On the Multi Commodity Exchange of India, May delivery contracts for silver slipped Rs 5,175, or 2.01%, to Rs 2,51,967 per kg, with a turnover of 1,505 lots.
Market participants attributed the fall largely to selling pressure in the market.

In global trading, silver in New York was also lower, easing 1.54% to $79.64 per ounce.

Silver spot (in Rs per kilo) : 251154.00

Standard gold (99.5) : 151393.00

Pure gold (99.9) : 152002.00

Silver spot (in Rs per kilo) : 251154.00

Standard gold (99.5) : 151393.00

Pure gold (99.9) : 152002.00

Gold futures slipped on Monday, declining by Rs 1,310 to Rs 1,53,299 per 10 grams, as softer spot demand weighed on prices.

On the Multi Commodity Exchange of India, June delivery contracts for the yellow metal were down Rs 1,310, or 0.85%, trading at Rs 1,53,299 per 10 grams, with a turnover of 1,119 lots.

Market experts linked the decline to subdued trends in global markets.

In international trade, gold futures in New York also moved lower, easing 0.87% to USD 4,788.31 per ounce.

Gold futures slipped on Monday, declining by Rs 1,310 to Rs 1,53,299 per 10 grams, as softer spot demand weighed on prices.

On the Multi Commodity Exchange of India, June delivery contracts for the yellow metal were down Rs 1,310, or 0.85%, trading at Rs 1,53,299 per 10 grams, with a turnover of 1,119 lots.

Market experts linked the decline to subdued trends in global markets.

In international trade, gold futures in New York also moved lower, easing 0.87% to USD 4,788.31 per ounce.

Gold and silver witnessed heightened volatility over the past week, with sharp swings driven largely by conflicting geopolitical developments around the US-Iran conflict and the status of the Strait of Hormuz. Prices remained range-bound for most of the week, but Friday saw a dramatic shift, where an initially muted session turned volatile after Iran’s foreign minister indicated that the Strait had been reopened for commercial shipping, a claim later echoed by US President Donald Trump. This triggered a sharp decline in crude oil prices by over 10%, easing inflation concerns and briefly supporting precious metals on hopes of de-escalation. However, optimism proved short-lived as Iran clarified that the reopening was conditional and limited to the ceasefire period, while its military pushed back against the narrative, citing the ongoing US naval blockade.

Subsequent remarks from Trump accusing Iran of violating ceasefire terms further escalated tensions, effectively reversing earlier gains and bringing markets back to uncertainty. Over the weekend, the lack of progress on negotiations and Iran’s reluctance to engage in further talks added to the cautious tone. As a result, both gold and silver have come under renewed pressure, with markets once again dominated by geopolitical instability, fluctuating oil prices, and shifting expectations around inflation and global monetary policy, says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.

Gold and silver witnessed heightened volatility over the past week, with sharp swings driven largely by conflicting geopolitical developments around the US-Iran conflict and the status of the Strait of Hormuz. Prices remained range-bound for most of the week, but Friday saw a dramatic shift, where an initially muted session turned volatile after Iran’s foreign minister indicated that the Strait had been reopened for commercial shipping, a claim later echoed by US President Donald Trump. This triggered a sharp decline in crude oil prices by over 10%, easing inflation concerns and briefly supporting precious metals on hopes of de-escalation. However, optimism proved short-lived as Iran clarified that the reopening was conditional and limited to the ceasefire period, while its military pushed back against the narrative, citing the ongoing US naval blockade.

Subsequent remarks from Trump accusing Iran of violating ceasefire terms further escalated tensions, effectively reversing earlier gains and bringing markets back to uncertainty. Over the weekend, the lack of progress on negotiations and Iran’s reluctance to engage in further talks added to the cautious tone. As a result, both gold and silver have come under renewed pressure, with markets once again dominated by geopolitical instability, fluctuating oil prices, and shifting expectations around inflation and global monetary policy, says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.

Escalating tensions in the Middle East disrupted shipping activity in and out of the Gulf, lifting oil prices and adding volatility to global equity markets.

In a further escalation, the US seized an Iranian cargo vessel attempting to breach its blockade, prompting Tehran to warn of retaliation. This has raised doubts over the durability of the ceasefire, which was initially expected to hold for only a short period.

Iran also indicated it would not take part in a second round of talks that the US had planned ahead of the ceasefire’s expiry on Tuesday.

Escalating tensions in the Middle East disrupted shipping activity in and out of the Gulf, lifting oil prices and adding volatility to global equity markets.

In a further escalation, the US seized an Iranian cargo vessel attempting to breach its blockade, prompting Tehran to warn of retaliation. This has raised doubts over the durability of the ceasefire, which was initially expected to hold for only a short period.

Iran also indicated it would not take part in a second round of talks that the US had planned ahead of the ceasefire’s expiry on Tuesday.

According to Ilya Spivak of Tastylive, gold came under pressure as optimism around the US-Iran ceasefire, which had buoyed markets last week, began to fade. He told Reuters that this has brought back the familiar “war trade” pattern seen since the conflict began, where rising crude prices feed into inflation expectations, pushing up both bond yields and the dollar.

The dollar index strengthened, making dollar-denominated bullion costlier for holders of other currencies, while benchmark 10-year US Treasury yields rose by 0.5%.

According to Ilya Spivak of Tastylive, gold came under pressure as optimism around the US-Iran ceasefire, which had buoyed markets last week, began to fade. He told Reuters that this has brought back the familiar “war trade” pattern seen since the conflict began, where rising crude prices feed into inflation expectations, pushing up both bond yields and the dollar.

The dollar index strengthened, making dollar-denominated bullion costlier for holders of other currencies, while benchmark 10-year US Treasury yields rose by 0.5%.

Gold and silver started the week on a weak note on the Multi Commodity Exchange of India, weighed down by a stronger US dollar. At the same time, renewed tensions surrounding the Strait of Hormuz pushed oil prices higher and revived worries about inflation.

On the geopolitical front, Donald Trump stated on Sunday that American forces had taken control of an Iranian cargo ship that was attempting to bypass its blockade. In response, Iran indicated it would not take part in a second round of peace negotiations, even as Washington warned of potential additional airstrikes.

In domestic trading, MCX silver futures for May 2026 delivery fell by Rs 3,945, or 1.5%, to Rs 2,53,198 per kilogram. Gold futures for June 2026 delivery also moved lower, declining Rs 1,590, or 1% to Rs 1,53,018 per 10 grams.

Gold and silver started the week on a weak note on the Multi Commodity Exchange of India, weighed down by a stronger US dollar. At the same time, renewed tensions surrounding the Strait of Hormuz pushed oil prices higher and revived worries about inflation.

On the geopolitical front, Donald Trump stated on Sunday that American forces had taken control of an Iranian cargo ship that was attempting to bypass its blockade. In response, Iran indicated it would not take part in a second round of peace negotiations, even as Washington warned of potential additional airstrikes.

In domestic trading, MCX silver futures for May 2026 delivery fell by Rs 3,945, or 1.5%, to Rs 2,53,198 per kilogram. Gold futures for June 2026 delivery also moved lower, declining Rs 1,590, or 1% to Rs 1,53,018 per 10 grams.

Gold prices edged lower on Monday as the US dollar strengthened, while fresh developments around the Strait of Hormuz—reported to be shut again—drove oil prices higher and reignited concerns over inflation.

Spot gold slipped 0.4% to $4,809.71 per ounce as of 0155 GMT, after touching its weakest level since April 13 earlier in the session. US gold futures for June delivery declined 1% to $4,829.40.

Gold prices edged lower on Monday as the US dollar strengthened, while fresh developments around the Strait of Hormuz—reported to be shut again—drove oil prices higher and reignited concerns over inflation.

Spot gold slipped 0.4% to $4,809.71 per ounce as of 0155 GMT, after touching its weakest level since April 13 earlier in the session. US gold futures for June delivery declined 1% to $4,829.40.

In overseas markets, Comex silver climbed $5.36, or 7 per cent, to end the week at $81.84 per ounce, while gold rose $92.2, or 2 per cent, to $4,879.6 per ounce.

In overseas markets, Comex silver climbed $5.36, or 7 per cent, to end the week at $81.84 per ounce, while gold rose $92.2, or 2 per cent, to $4,879.6 per ounce.

Pranav Mer of JM Financial Services notes that bullion has now logged gains for a fourth consecutive week, supported by a softer dollar and increased safe-haven demand amid global volatility. He added that frequent shifts in policy stance by Donald Trump regarding the Iran situation have triggered sharp fluctuations across financial markets.

He also pointed out that exchange-traded fund investors have returned to precious metals after heavy selling in March. Silver, in particular, continues to draw support from improving sentiment in industrial metals such as copper, along with expectations of another year of supply shortfall.

Pranav Mer of JM Financial Services notes that bullion has now logged gains for a fourth consecutive week, supported by a softer dollar and increased safe-haven demand amid global volatility. He added that frequent shifts in policy stance by Donald Trump regarding the Iran situation have triggered sharp fluctuations across financial markets.

He also pointed out that exchange-traded fund investors have returned to precious metals after heavy selling in March. Silver, in particular, continues to draw support from improving sentiment in industrial metals such as copper, along with expectations of another year of supply shortfall.

Gold buying during one of the major festive occasions remained subdued on Sunday, as record-high prices discouraged jewellery purchases, outweighing a slight rise in investment-led demand.

The festival of Akshaya Tritiya—considered the second most significant gold-buying occasion after Dhanteras—was marked across the country, with buying precious metals traditionally seen as a sign of prosperity.

According to Amit Modak of PN Gadgil and Sons, the sharp rise in prices dampened jewellery demand. He noted that while volumes declined as consumers stayed cautious, the overall value of purchases increased due to elevated price levels.

Gold had touched a peak of $5,594.82 per ounce on January 29 and is currently trading near $4,861.

In India—the world’s second-largest gold consumer—futures prices ended at ₹1,54,609 per 10 grams on Friday, roughly 63 per cent higher than levels seen during last year’s Akshaya Tritiya.

Surendra Mehta, national secretary of the India Bullion and Jewellers Association, told Reuters that demand was weaker than usual across most parts of the country, barring a few southern states.

A Mumbai-based jeweller indicated that retail customers are increasingly opting for gold coins, given their easier resale, even as retailers offered concessions on making charges to encourage jewellery purchases.

Gold buying during one of the major festive occasions remained subdued on Sunday, as record-high prices discouraged jewellery purchases, outweighing a slight rise in investment-led demand.

The festival of Akshaya Tritiya—considered the second most significant gold-buying occasion after Dhanteras—was marked across the country, with buying precious metals traditionally seen as a sign of prosperity.

According to Amit Modak of PN Gadgil and Sons, the sharp rise in prices dampened jewellery demand. He noted that while volumes declined as consumers stayed cautious, the overall value of purchases increased due to elevated price levels.

Gold had touched a peak of $5,594.82 per ounce on January 29 and is currently trading near $4,861.

In India—the world’s second-largest gold consumer—futures prices ended at ₹1,54,609 per 10 grams on Friday, roughly 63 per cent higher than levels seen during last year’s Akshaya Tritiya.

Surendra Mehta, national secretary of the India Bullion and Jewellers Association, told Reuters that demand was weaker than usual across most parts of the country, barring a few southern states.

A Mumbai-based jeweller indicated that retail customers are increasingly opting for gold coins, given their easier resale, even as retailers offered concessions on making charges to encourage jewellery purchases.

According to Pranav Mer of JM Financial Services, the outlook for bullion hinges on whether current trends sustain or reverse. He highlighted upcoming inflation readings from Japan and the UK, along with China’s monetary policy decision, as key triggers.

According to Pranav Mer of JM Financial Services, the outlook for bullion hinges on whether current trends sustain or reverse. He highlighted upcoming inflation readings from Japan and the UK, along with China’s monetary policy decision, as key triggers.

On the Multi Commodity Exchange of India, silver futures jumped by Rs 13,868, or 5.7 per cent, over the past week to close at Rs 2.57 lakh per kilogram. Gold also advanced, rising Rs 1,957, or 1.3 per cent, to settle at Rs 1.54 lakh per 10 grams.

On the Multi Commodity Exchange of India, silver futures jumped by Rs 13,868, or 5.7 per cent, over the past week to close at Rs 2.57 lakh per kilogram. Gold also advanced, rising Rs 1,957, or 1.3 per cent, to settle at Rs 1.54 lakh per 10 grams.

Market participants are expected to track crude oil movements closely, alongside major US economic releases such as retail sales, housing data and consumer sentiment figures. In addition, preliminary PMI readings for manufacturing and services from economies like the UK and the US will remain in focus.

The geopolitical situation turned fluid after Iran initially indicated that commercial vessels could resume passage through the Strait of Hormuz, only to later reinstate restrictions following Washington’s decision to continue its blockade of Iranian ports.

On the domestic side, India’s Ministry of External Affairs summoned the Iranian envoy to lodge a formal protest after two Indian-flagged oil tankers were forced to alter course in the Strait of Hormuz amid reported gunfire from Iranian forces.

Market participants are expected to track crude oil movements closely, alongside major US economic releases such as retail sales, housing data and consumer sentiment figures. In addition, preliminary PMI readings for manufacturing and services from economies like the UK and the US will remain in focus.

The geopolitical situation turned fluid after Iran initially indicated that commercial vessels could resume passage through the Strait of Hormuz, only to later reinstate restrictions following Washington’s decision to continue its blockade of Iranian ports.

On the domestic side, India’s Ministry of External Affairs summoned the Iranian envoy to lodge a formal protest after two Indian-flagged oil tankers were forced to alter course in the Strait of Hormuz amid reported gunfire from Iranian forces.