Gold (XAU/USD) struggles to capitalize on the previous day's modest gains and attracts fresh selling during the Asian session on Thursday.

Iran fired on three ships in the Strait of Hormuz and escorted two of them to Iranian waters, the Wall Street Journal reported on Wednesday. The attacks came a day after US President Donald Trump extended a ceasefire while maintaining an American blockade of Iranian ports.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.

The White House said that US President Donald Trump has not set a deadline on Iran submitting a peace proposal, the Guardian reported on Wednesday. On Tuesday, Trump extended the ceasefire and vowed to continue the US blockade on Iranian ports.

Gold price (XAU/USD) trades in negative territory near $4,730 during the early Asian session on Thursday. The precious metal declines as traders remain cautious over US-Iran peace talks to end the nearly two-month war that has intensified global inflation concerns.

Gold (XAU/USD) price holds steady on Wednesday, staging a slight recovery following Tuesday’s over 2% drop, as the resolution of the conflict in the Middle East remains uncertain, while falling US Treasury yields boosted the precious metal’s appeal.

West Texas Intermediary (WTI) Crude Oil advanced more than 3% on Wednesday, trading back above $92 after testing $93 earlier in the session. The move extends a sharp two-day recovery from Monday's low around $85, reclaiming territory last seen in early April.

Silver (XAG/USD) advances on Wednesday and trades around $77.70 at the time of writing, up 1.33% on the day. Silver is recovering after recent weakness as investors remain cautious amid persistent geopolitical tensions in the Middle East.

United States EIA Crude Oil Stocks Change registered at 1.925M above expectations (-1.2M) in April 17

OCBC strategists Sim Moh Siong and Christopher Wong highlight that Brent is nearing USD100 as flows through the Strait of Hormuz are unlikely to resume early, pushing markets into an Oil–stagflation channel.

Gold (XAU/USD) rebounds on Wednesday, trimming a portion of the losses recorded on the previous day. The move follows the announcement by US President Donald Trump extending the ceasefire with Iran just hours before it was due to expire.

West Texas Intermediate (WTI), future on NYMEX, claws back its early losses and flattens around $89.60 during the European trading session on Wednesday.

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $78.10 per troy ounce, up 1.90% from the $76.64 it cost on Tuesday.

Societe Generale strategists note that Brent has retreated from recent highs after President Trump extended the Iran ceasefire indefinitely, with Oil prices still seen on an uncertain path back toward normalisation.

Rabobank’s Global Strategist Michael Every shifts its Iran conflict base case to a longer closure of Hormuz, warning of sustained disruptions to Oil flows and rising physical prices in Asia.

Crude prices edged lower on Wednesday following US President Donald Trump's unilaterally announced extension of the ceasefire on Tuesday.

Silver price (XAG/USD) trades 2.3% higher to near $78.50 during the early European trade on Wednesday.

The United Kingdom Maritime Trade Operations (UKMTO) said on Wednesday that it has received a report of an incident 15 nautical miles northeast of Oman, where the master of a container ship reported being approached by an IRGC gunboat.

Gold prices rose in India on Wednesday, according to data compiled by FXStreet.

Gold (XAU/USD) gains some positive traction during the Asian session on Wednesday and moves away from a one-week low, around the $4,669-$4,668 region, touched the previous day.

US Treasury secretary Scott Bessent said on Wednesday that the United States Navy will continue the blockade of Iranian ports, warning that constraints on maritime trade are aimed at targeting Iran’s main revenue sources.

Silver (XAG/USD) attracts some buyers during the Asian session on Wednesday and moves away from a one-week low, around the $75.50 region, which it touched the previous day.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on the previous day's strong rally and trades with a mild negative bias during the Asian session on Wednesday.

Iran's military warned of powerful attack on predetermined targets in view of repeated threats by US President Donald Trump. 

Donald Trump told CNBC's Squawk Box early Tuesday that he didn't want to extend the truce, warning Iran that time was running out. By Tuesday afternoon, the message had flipped.

United States API Weekly Crude Oil Stock came in at -4.4M, below expectations (-1M) in April 17

Gold (XAU/USD) price tumbles by more than 2% on Tuesday amid a lack of confirmation of a second round of talks between the US and Iran in Pakistan. Conversely, Crude Oil prices edged higher, a tailwind for the Greenback given its positive correlation with WTI.

The countdown is on. With the US-Iran ceasefire set to expire late Wednesday, Tuesday delivered dueling statements from both sides that looked more like pre-conflict posturing than pre-deal diplomacy.

West Texas Intermediate (WTI) US Oil trades around $98.25 at the time of writing on Tuesday, up 0.21% on the day.

TD Securities' Senior Commodity Strategist Daniel Ghali frames Gold within what he calls the Hegemon trade, tied to perceptions of US power and fiscal sustainability.