TD Securities’ Senior Commodity Strategist Daniel Ghali notes that Copper prices have almost fully retraced losses from the Iran war despite heavy fund liquidations and weakening risk assets.

Gold (XAU/USD) holds steady on Thursday as markets closely monitor developments surrounding the fragile ceasefire in the Middle East.

ING’s Ewa Manthey and Warren Patterson say Gold remains highly sensitive to geopolitical developments around the US–Iran ceasefire and conflict in the Middle East.

Oil prices have trimmed some of the last two days' losses, and the price of a barrel of the US benchmark West Texas Intermediate (WTI) returned to levels above $93.00 at the time of writing, from lows near $86.00 on Wednesday. 

Deutsche Bank strategists highlight sharp volatility in Brent Oil as Middle East ceasefire doubts resurface. Brent initially slumped over 13% to a four-week low near $95, then rebounded above $96 as concerns about Hormuz shipping and ceasefire durability persisted.

Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $74.11 per troy ounce, down 1.08% from the $74.92 it cost on Wednesday.

Rabobank strategist Molly Schwartz notes that crude Oil’s initial sharp drop on the Iran ceasefire headlines has been only partially reversed, despite renewed tensions and the Strait of Hormuz re-closing.

Danske Research Team notes that Brent crude dropped sharply on the initial US-Iran ceasefire headlines but remains sensitive to Middle East supply risks. The Strait of Hormuz is still blocked, with Iran only indicating a possible reopening later this week.

Silver price (XAG/USD) trades calmly near $74.00 during the late Asian trading session on Thursday. The white metal struggles for direction amid uncertainty surrounding the first round of talks on a permanent ceasefire between the United States (US) and Iran in Pakistan on Saturday.

West Texas Intermediate (WTI) oil price advances after two days of losses, trading around $91.90 per barrel during the Asian hours on Thursday.

Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.

US President Donald Trump said on Thursday that US forces will remain deployed around Iran until a final agreement is fully implemented. He emphasized that the Strait of Hormuz must remain open and safe.

Gold (XAU/USD) once again shows some resilience below the $4,700 mark during the Asian session on Thursday, and for now, seems to have stalled the previous day's retracement slide from a three-week high.

Silver (XAG/USD) is seen extending the previous day's modest pullback from the weekly high and drifting lower during the Asian session on Thursday. The white metal currently trades just below mid-$73.00s, down 2.0% for the day, and seems vulnerable to slide further.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $92.80 during the Asian trading hours on Thursday. The WTI price jumps after Iran accuses the US of violating elements of a two-week ceasefire agreement. 

Gold price (XAU/USD) trades in negative territory around $4,705 during the early Asian session on Thursday. The precious metal edges lower amid a temporary two-week ceasefire between the US and Iran.   

Gold (XAU/USD) advances on Wednesday, yet trades off a three-week high of $4,857 hit earlier in the day, as falling Oil prices weighed on the US Dollar, which weakened to a four-week low in the US Dollar Index (DXY). At the time of writing, the XAU/USD pair trades at $4,735, up more than 0.70%.

West Texas Intermediate (WTI) Crude Oil trades sharply lower on Wednesday, falling more than 10% after a temporary ceasefire agreement between the United States and Iran reduced the geopolitical risk premium embedded in prices.

Iran's Fars News Agency reported on Wednesday that oil tankers passing through the Strait of Hormuz have been stopped after Israel breached the ceasefire, per Reuters.

United States EIA Crude Oil Stocks Change above expectations (0.7M) in April 3: Actual (3.081M)

Wells Fargo economists highlight that the Iran conflict and higher Oil prices are reviving consumer inflation and breaking the recent disinflation trend.

TD Securities strategists argue that higher energy-linked inflation and delayed Fed cuts keep the opportunity cost of holding Gold elevated in the near term. They also flag the lack of Middle East capital as a downside catalyst.

Gold (XAU/USD) climbs toward three-week highs on Wednesday after the United States and Iran reached a temporary two-week ceasefire agreement, offering relief to markets following days of escalating tensions.

ING’s commodities team of Ewa Manthey and Warren Patterson report that Oil prices have dropped sharply, with Brent and WTI falling well below $100 as a US–Iran two‑week ceasefire eases supply disruption fears.

Commerzbank’s Carsten Fritsch reports that Gold jumped up to 3% to USD 4,855 per ounce after the 14‑day Middle East ceasefire, behaving unlike a classic safe haven. The move is linked to lower Oil prices, reduced inflation risks and softer rate expectations, which have pushed bond yields down.

DBS Group Research’s Eugene Leow notes that Gold surged over 2% to above USD4800 after a two-week ceasefire between the US and Iran reduced immediate escalation risks.

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $76.91 per troy ounce, up 5.38% from the $72.98 it cost on Tuesday.

Crude prices tumbled on Wednesday after the announcement of a two-week ceasefire in the Iran war. The price of the US benchmark West Texas Intermediate (WTI) barrel plunged more than 15% from Tuesday’s highs above $106.00 to consolidate around $90.00 at the time of writing.

West Texas Intermediate (WTI), futures on NYMEX, slide over 11% below $90.00 on Wednesday, as Iran has agreed to reopen the Strait of Hormuz, a critical passage to 20% of global energy supply, for two weeks in return for a temporary ceasefire with the United States (US).

US President Donald Trump said on a Truth Social post that Tuesday was “a big day for world peace.” Trump added that the US will be “helping with the traffic buildup” in the Strait of Hormuz and that “big money will be made” as Iran begins reconstruction.