Home / Business and Economy / Gold, Silver Surge as US-Iran Ceasefire Nears Expiration
Gold, Silver Surge as US-Iran Ceasefire Nears Expiration
20 Apr
Summary
- Precious metals saw gains as a US-Iran ceasefire neared its April 22 expiration.
- Comex silver rose 7% to $81.84/oz and gold climbed 2% to $4,879.6/oz.
- Investor sentiment is influenced by geopolitical events and upcoming US economic data.
Precious metals, including gold and silver, have seen a notable surge in value. Comex silver prices climbed 7% to close the week at $81.84 per ounce, while gold rose 2% to $4,879.6 per ounce. This positive movement is attributed to several factors, including heightened tensions in West Asia and anticipation surrounding the US-Iran ceasefire, which is set to expire on April 22.
Market sentiment is being closely observed, with traders focusing on crude oil prices and crucial US macroeconomic data releases. These include retail sales, housing numbers, and consumer sentiment reports. Provisional manufacturing and services PMI data from major economies like the UK and the US are also on investors' radar.
Furthermore, exchange-traded fund investors have returned to precious metals after significant liquidation in March. Silver is also benefiting from improved industrial metal sentiment and forecasts of a supply deficit. The upcoming US Senate confirmation hearing for Kevin Warsh as the new Federal Reserve Chair is also expected to influence monetary policy, potentially supporting precious metal prices.
