1. U.S. stocks edged lower on Monday as investors assessed a reported Iran proposal to reopen the Strait of Hormuz and Microsoft said its exclusive partnership with OpenAI was ending. The Dow Jones Industrial Average slipped roughly 0.1%. Meanwhile, the S&P 500 hovered below the flat line, and the Nasdaq Composite dropped 0.2% after both indexes closed out last week at record highs. Fears of inflationary pressures have buffeted markets, as restrictions on global oil and other supply flows threaten to push up prices across a wide range of industries. Traffic through the critical Strait of Hormuz remained near zero Monday morning, according to oil strategists. Oil prices leaned higher, with Brent crude futures holding above $100 a barrel and West Texas Intermediate crossing $96.
2. After unprecedented attention and enthusiasm at the start of the year, the gold market has settled into a quieter phase – okay, let’s be honest – it has become downright boring. Trading volumes have dropped in recent weeks as prices fluctuate within a broad range between $4,600 and $4,900 an ounce. Despite ongoing geopolitical tensions and elevated economic anxiety, there is little sense of urgency driving near-term positioning. At the same time, one would have to be mad to play the downside and bet against the world’s primary geopolitically neutral safe-haven asset. This sense of ennui is less a problem than a reflection of how the gold market is currently functioning. Despite relatively restrained price movement, gold continues to act as an anchor in a financial system showing increasing strain. The current consolidation phase reflects not a lack of interest, but a shift in how gold is being used and who is buying it. While gold has retreated from January’s record highs, prices remain historically elevated and global demand has stayed resilient. Market commentary in recent months has increasingly focused on the widening gap between asset valuations and underlying risk, particularly in equities and sovereign debt. Geopolitical fractures also remain an underappreciated threat to global economic stability. In this environment, gold is being treated less as protection against a single economic outcome and more as insurance against broader systemic stress.
3. Federal Reserve officials meet this week as the war in the Middle East reaches the two-month mark, creating continued uncertainty about the impact on the economy. It’s likely to keep the central bank holding interest rates where they are. Policymakers are weighing the war’s impact on inflation and growth, waiting to see how severe it will be, depending on how long the war lasts. So far, the official data shows that inflation overall has shot up because gas prices have soared, but the higher energy prices haven’t so far bled through to prices of goods and services. The Fed hasn’t changed its bias away from rate cuts, and officials haven’t seriously considered raising rates either. Fed officials are looking at inflation measures to gauge how broad-based the inflationary pressures from the recent oil price increases are. Officials are willing to look through an uptick in inflation if it’s limited to gas prices.
4. Consumer confidence in April reached its highest level so far this year, according to a survey from the Conference Board. The overall consumer confidence index climbed to 92.8 in April, up from March’s reading of 92.2, as consumers’ expectations for the job market and pay improved. Consumers generally seemed to be feeling better about the labor market; however, after the unemployment rate slid in March, the economy added a shocking 178,000 positions. The Conference Board noted a rise in its labor market differential, or the share of consumers who believe jobs are plentiful minus those who don’t. Perceptions of both current and future labor conditions improved.
5. In the week ending April 25, the advance figure for seasonally adjusted initial claims was 189,000, a decrease of 26,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average was 207,500, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 210,750 to 211,000.
6. Oil prices steadied after surging on Thursday, with little sign that Washington and Tehran were moving closer to an accord. Brent futures initially rose to $126 a barrel, their highest level since the conflict began — before ending the session near $114. Early Friday, Brent for July delivery was trading at about $111 a barrel.
7. EUR/USD now surrenders part of its earlier advance, giving away gains and retreating to the 1.1750-1.1740 band as the NA session draws to a close on Friday. The pair’s bid bias comes in response to the latest hawkish comments from ECB officials and the persistent selling pressure on the U.S. Dollar.
8. USD/JPY turns flat in the day after diving to a daily low of 155.48 during Friday’s session, in the aftermath of two straight days of Japanese authorities intervening in the FX markets to strengthen the Yen, which had weakened past the 160.00 figure. The pair trades at 156.67, flattish.
The Federal Reserve held interest rates steady for the third consecutive policy meeting this year, amid a surge in oil prices and increased economic uncertainty from the Iran war. The central bank voted in a split decision on Wednesday to hold its benchmark interest rate in the range of 3.5% to 3.75%. The last time there were four dissents was Oct. 6, 1992.
U.S. stocks diverged on Thursday as investors assessed a fresh batch of key economic data and a strong slate of earnings reports, after Big Tech results fueled optimism for the AI demand boom. The tech-heavy Nasdaq Composite reversed earlier gains, sinking 0.4% as declines in Nvidia, Microsoft, and Meta dragged on the index. The Dow Jones Industrial Average climbed roughly 1.2%, or more than 500 points, while the S&P 500 put on about 0.1% following a lackluster Wednesday for Wall Street stocks. Meanwhile, PCE data on Thursday showed headline price inflation rose 0.7% in March and 3.5% year over year, while “core” readings showed growth of 0.3% and 3.2%, respectively.
Home price growth slowed again early in the year, a small relief for homebuyers still facing mortgage rates above 6% and limited inventory. The S&P Cotality Case-Shiller 20-City Composite Home Price Index, which measures home prices in 20 of the nation’s largest metropolitan areas, rose 0.9% in February from a year earlier, according to data released on Tuesday. That’s down from a 1.19% annual jump in January. The national index, which encompasses home prices across the country, showed an even smaller 0.67% year-over-year gain. “With consumer inflation at 2.4%, U.S. home values have lost ground in real terms for nine consecutive months,” Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, said in a statement. Home prices declined on an annual basis in more than half the country, spreading beyond a handful of Sun Belt cities where robust new construction activity has increased inventory and sent prices lower.
Mortgage rates began climbing again last week, and that took a toll on refinance demand. Homebuyers, however, seem finally to be ready for the spring market. Applications for a mortgage to purchase a home rose 1% for the week and were 21% higher year over year. More supply has come onto the market, and consumers appear to be getting used to the ever-changing news regarding the war with Iran. “After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country,” said Mike Fratantoni, MBA’s chief economist. Mortgage rates moved higher to start this week, according to a separate survey. Investors are now eagerly awaiting the latest report from Federal Reserve Chairman Jerome Powell on Wednesday, at what could be his last meeting as chairman. Markets do not expect interest rates to change, but commentary at the news conference following the meeting is always key to future expectations and could move mortgage rates again in either direction.
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. 24, 2026 | May. 1, 2026 | Net Change | ||
| Gold | $4,723.88 | $4,629.50 | -94.38 | -2.00% |
| Silver | $76.52 | $75.99 | -0.53 | -0.69% |
| Platinum | $2,013.90 | $1,990.38 | -23.52 | -1.17% |
| Palladium | $1,495.60 | $1,536.07 | 40.47 | 2.71% |
| Dow | 49225.05 | 49498.87 | 273.82 | 0.56% |
Month End to Month End Close
| Mar. 31, 2026 | Apr. 30, 2026 | Net Change | ||
| Gold | $4,654.45 | $4,617.39 | -37.06 | -0.80% |
| Silver | $74.84 | $73.68 | -1.16 | -1.55% |
| Platinum | $1,960.41 | $1,954.87 | -5.54 | -0.28% |
| Palladium | $1,483.24 | $1,479.84 | -3.40 | -0.23% |
| Dow | 46341.51 | 49759.41 | 3417.90 | 7.38% |
Previous Year Comparison
| May. 2, 2025 | May. 1, 2026 | Net Change | ||
| Gold | $3,231.15 | $4,629.50 | 1398.35 | 43.28% |
| Silver | $32.03 | $75.99 | 43.96 | 137.25% |
| Platinum | $964.75 | $1,990.38 | 1025.63 | 106.31% |
| Palladium | $952.53 | $1,536.07 | 583.54 | 61.26% |
| Dow | 41317.43 | 49498.87 | 8181.44 | 19.80% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4633/4557/4457 | 72.80/69.92/65.91 |
| Resistance | 4809/4909/4984 | 79.70/83.70/86.59 |
| Platinum | Palladiumn | |
| Support | 1953/1891/1812 | 1442/1385/1315 |
| Resistance | 2093/2172/2234 | 1570/1640/1697 |