1. Major bond investors, including Amundi and T. Rowe Price, have proposed adding clauses to sovereign bonds that would allow emerging countries to pause debt payments for up to a year without defaulting in the event of a crisis. This aims to help countries grappling with short-term cash crunches while maintaining market access. “This is a bondholder-led initiative, developed through a consultative process with issuers and other stakeholders, which is precisely why it is commercially viable and more likely to work for both investors and developing countries,” said Samy Muaddi, head of Emerging Markets Fixed Income at T. Rowe Price. “Some critics think the proposal does too little… Other critics argue it goes too far,” Muaddi added. Under the proposal, which excludes nations already in default or facing unsustainable debt levels, countries could suspend payments either by declaring a national emergency or seeking emergency International Monetary Fund financing. Previous efforts to embed crisis-responsive clauses into sovereign debt have met resistance from private creditors over enforceability and moral hazard concerns.
2. Gold and silver prices are solidly lower in early U.S. trading on Monday, as the bulls are mostly standing on the sidelines due to a firmer U.S. dollar index and a slight rise in U.S. Treasury yields. Once again, gold traders on this day are choosing the aforementioned bearish daily elements for the metals over the bullish uptick in risk aversion in the general marketplace to start the trading week. June gold was last down $68.50 at $4,811.30. May silver prices were down $2.437 at $79.395. Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. The Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. May silver futures bulls see their next upside price objective as closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is closing prices below solid support at $70.00.
3. U.S. retail sales increased more than expected in March as the war with Iran boosted gasoline prices and receipts at service stations, while tax refunds supported spending elsewhere. Retail sales jumped 1.7% last month after an upwardly revised 0.7% gain in February, the Commerce Department’s Census Bureau said on Tuesday. Economists polled had forecasted retail sales, which are mostly goods and are not adjusted for inflation, advancing 1.4% after a previously reported 0.6% increase in February. Estimates ranged from as high as a 2.0% increase to as low as a 0.4% gain.
4. The U.S. Federal Reserve will wait at least six months before cutting interest rates this year, according to a poll of economists, as war-driven energy shocks reignite already-elevated inflation. Even the Fed’s most dovish policymakers now warn inflation remains high, underscoring a lack of urgency to move. Still, most forecasters have clung to the view that rates will fall at least once more. They hold much milder inflation expectations than households that are noticing prices rising more sharply since the start of the war, particularly for gasoline and energy. A slim majority of economists, 56 of 103, in the April 17-21 poll predicted the Fed’s benchmark interest rate would remain steady in the 3.50%-3.75% range by the end of September, compared to the nearly 70% who expected at least one reduction by then in a survey in late March.
5. The number of Americans filing claims for unemployment benefits increased slightly last week, pointing to continued labor market stability in April, though economic uncertainty and higher prices stemming from the war with Iran pose downside risks. Initial claims for state unemployment benefits rose 6,000 to a seasonally adjusted 214,000 for the week ended April 18, the Labor Department said on Thursday. Economists polled had forecasted 210,000 claims for the latest week.
6. Oil eased as officials in Pakistan said a second round of U.S.-Iran talks was expected, without saying when the negotiations would take place or at what level. West Texas Intermediate futures were little changed near $95 a barrel, after earlier slipping as much as 2.3% on the comments. Prices were still up almost 14% for the week, the biggest jump since the initial surge triggered by the war in early March, as a standoff between the U.S. and Iran over the crucial Strait of Hormuz intensified.
7. EUR/USD clings to modest gains near 1.1700 on Friday. Earlier in the day, the data from Germany showed that IFO – Current Assessment Index for April declined to 85.4 from 86.7 in March, limiting the Euro’s gains. In the absence of US data releases, investors will keep a close eye on headlines surrounding the conflict in the Middle East.
8. USD/JPY trades around 159.50 on Friday at the time of writing, down 0.14% on the day and ending a sequence of four consecutive days of gains. The move comes amid a pullback in the U.S. Dollar, as improving market sentiment reduces demand for safe-haven assets.
Kevin Warsh, the nominee to lead the Federal Reserve, told lawmakers this week that inflation should be viewed through a different framework, and the Fed’s own analysis of price changes needs to be reformed. The Fed’s preferred gauge, the Personal Consumption Expenditures index, offers only a rough take on inflation, Warsh said, even as volatile food and energy prices are excluded. Warsh favors using “trimmed averages” of inflation; he told Senate lawmakers during his confirmation hearing this week. The trimmed mean and median remove outliers. Both the Dallas Fed and the Cleveland Fed release a trimmed average inflation gauge that excludes outlier data, both high and low, to provide a clearer picture of prices. Warsh said that the current underlying trend of inflation is “somewhat improving” and looks “quite favorable” when examining so-called trimmed measures of inflation. The Dallas Fed trimmed mean PCE is currently 2.3%, while the Cleveland Fed median PCE is 2.8%. — both lower than the latest reading of core PCE, which is at 3% and expected to increase.
Mortgage rates dipped below 6.3% for the first time in more than a month amid market optimism about ongoing negotiations between the U.S. and Iran. The average 30-year mortgage was 6.23% through Wednesday, down from 6.3% a week earlier, according to Freddie Mac data. Mortgage applications for home purchases surged 10% last week, according to the Mortgage Bankers Association, and refinancing applications were up 6%. Meanwhile, new listings rose 3% for the four weeks through April 19, according to Redfin. The brokerage called it a sign of a “small spring rebound.”
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Apr. 17, 2026 | Apr. 24, 2026 | Net Change | ||
| Gold | $4,861.94 | $4,723.88 | -138.06 | -2.84% |
| Silver | $81.77 | $76.52 | -5.25 | -6.42% |
| Platinum | $2,125.59 | $2,013.90 | -111.69 | -5.25% |
| Palladium | $1,577.84 | $1,495.60 | -82.24 | -5.21% |
| Dow | 49445.80 | 49225.05 | -220.75 | -0.45% |
Previous Year Comparison
| Apr. 25, 2025 | Apr. 24, 2026 | Net Change | ||
| Gold | $3,293.59 | $4,723.88 | 1430.29 | 43.43% |
| Silver | $32.98 | $76.52 | 43.54 | 132.02% |
| Platinum | $970.49 | $2,013.90 | 1043.41 | 107.51% |
| Palladium | $942.00 | $1,495.60 | 553.60 | 58.77% |
| Dow | 40113.50 | 49225.05 | 9111.55 | 22.71% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4686/4542/4441 | 74.58/68.35/64.11 |
| Resistance | 4932/5033/5177 | 85.05/89.29/95.51 |
| Platinum | Palladiumn | |
| Support | 2003/1899/1820 | 1496/1429/1372 |
| Resistance | 2186/2265/2369 | 1620/1678/1744 |