Commerzbank’s strategists report that Gold has faced pressure from higher Oil prices and shifting US rate expectations, even briefly dipping below USD 4,500.

BNY’s Bob Savage points out that Gold is gaining alongside Steel as Brent Oil surges to multi‑year highs and Middle East tensions intensify. Elevated energy costs are feeding directly into Euro area and French inflation, while producer prices in several economies show renewed momentum.

Gold (XAU/USD) is trading higher following a three-day sell-off on Thursday.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $73.36 per troy ounce, up 2.83% from the $71.34 it cost on Wednesday.

West Texas Intermediate (WTI), futures on NYMEX, gives up its early gains after posting a fresh over seven-week high at around $107.35 and flattens to near $104.85 during the European trading session on Thursday.

OCBC strategists Sim Moh Siong and Christopher Wong report that Silver has extended its pullback toward USD71/oz after a failed break above USD80 in mid-April, with higher Brent, hawkish rate repricing and a firmer US Dollar (USD) weighing on non-yielding metals.

ING analysts Warren Patterson and Ewa Manthey report Copper trading near recent highs, supported by pre-holiday restocking in China ahead of Labour Day.

Silver price (XAG/USD) is up 1.5% to near $72.35 during the European trading session on Thursday. The white metal gains ground after posting a fresh three-week low at $70.86 on Wednesday.

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

Silver (XAG/USD) attracts some buyers during the Asian session on Thursday and reverses a part of the previous day's losses to the $70.85 region, or over a three-week low. The white metal climbs further beyond the $72.00 mark in the last hour, though the upside potential seems limited.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $104.90 during the early Asian trading hours on Thursday.

US President Donald Trump said that the United States (US) will continue its naval blockade of Iran until he secures a deal with Tehran to address the country’s nuclear program, Bloomberg reported on Wednesday. 

Silver (XAG/USD) remains under pressure on Wednesday as markets digest the latest interest rate decision from the Federal Reserve (Fed), with a stronger US Dollar and rising US Treasury yields weighing on the non-yielding metal.

XAU/USD declined around 1.5% on Wednesday, falling from a session high near 4,610 to trade close to 4,540 after touching a session low about 4,510.

Gold (XAU/USD) price retreats over 1% on Wednesday as high energy prices are driving US Treasury yields soaring, signaling that investors are not expecting any rate cuts by the Federal Reserve (Fed), which is expected to hold rates unchanged late at around 18:00 GMT.

West Texas Intermediate (WTI) Oil is currently trading near $102 per barrel, its highest level in roughly three weeks.

Deutsche Bank’s Mallika Sachdeva argues that shifting geopolitics are reshaping central bank reserve allocation towards Gold and away from the US Dollar (USD).

United States EIA Crude Oil Stocks Change: -6.233M (April 24) vs previous 1.925M

Rabobank's Senior Macro Strategist Bas van Geffen notes Brent futures have surged above $112 as the closure of the Strait of Hormuz persists and negotiations between Iran and the US remain deadlocked.

Silver (XAG/USD) declines and trades around $72.30 on Wednesday at the time of writing, down 1.02% on the day, after failing to establish a sustained move above the $74.00 area.

ING analysts highlight that Copper remains more sensitive to macro conditions than Nickel, with prices falling for a fourth day on geopolitical uncertainty and global growth concerns.

Gold (XAU/USD) trades on the back foot on Wednesday, consolidating near one-month lows as traders refrain from directional bets ahead of the Federal Reserve’s (Fed) monetary policy announcement due later in the American session at 18:00 GMT.

Gold price (XAU/USD) trades 0.5% lower to near $4,570 during the European trading session on Wednesday.

OCBC strategists Sim Moh Siong and Christopher Wong report Gold has traded lower despite geopolitical tensions, as higher Oil prices refocus markets on inflation, real rates and the Federal Reserve (Fed) path.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $72.81 per troy ounce, down 0.38% from the $73.09 it cost on Tuesday.

MUFG’s Michael Wan notes United Arab Emirates' (UAE) surprise decision to leave OPEC/OPEC+ from 1 May, driven by dissatisfaction with quotas and significant spare capacity.

West Texas Intermediate (WTI), futures on NYMEX, trades 1.7% higher at around $99.20 during the European trading session on Wednesday.

Commerzbank’s Dr. Henry Hao and Charlie Lay note Brent and WTI extended gains as the United Arab Emirates announced it will leave OPEC (Organization of Petroleum Exporting Countries) on 1 May, after years of tension with Saudi Arabia over output policy.

West Texas Intermediate (WTI) oil price remains in the negative territory after experiencing volatility, trading around $97.00 per barrel during the Asian hours on Wednesday.

Silver price (XAG/USD) rises to around $73.85 during the early European trading hours on Wednesday. Markets might turn cautious ahead of the US Federal Reserve (Fed) interest rate decision. Traders will also closely monitor the development surrounding the ongoing conflict between the US and Iran.