Gold and Silver Prices Surge: Comex Gold Rises by $113 per Ounce, Silver Approaches $76 per Ounce as US Dollar Retreats

US-Iran Conflict Hopes Fuel Safe-Haven Demand

The precious metals market continued its upward trend on Wednesday, April 1, as investors sought safe-haven assets amid hopes that the US-Iran conflict could end soon. May silver futures on the COMEX gained $1 to reach an intraday high of $75.95 per troy ounce, while April gold futures rose $113 to an intraday high of $4,791 per troy ounce.

The drop in the US dollar has contributed to the gains in precious metals, with the dollar index falling to 99.5 in today's trade, retreating from the 10-month high of 100.5 touched on Monday. The dollar index had gained 2.3% last month as investors sought safe-haven assets amid fears of a prolonged war.

US President Donald Trump's recent comments have sparked renewed interest in safe-haven assets. Trump said he would consider halting attacks on Iran only when the Strait of Hormuz is reopened. Iran's new regime president has asked the US for a ceasefire, according to Trump's social media post on Wednesday.

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US-Iran Conflict Developments

The focus has shifted to the Strait of Hormuz, which Iran has taken full control of since the beginning of the war, disrupting energy markets and triggering global recession concerns. Trump said the US is in serious discussions with a new, and more reasonable, regime to end military operations in Iran. However, Tehran has publicly denied any negotiations with the US.

Domestically, April gold futures on the MCX jumped ₹2,674 per 10 grams to hit an intraday high of ₹1,53,435, extending gains for the fourth straight session and taking cumulative gains to ₹13,942 based on today's high. Silver prices on MCX rose ₹1,738 per kilogram to reach an intraday high of ₹2,42,630.

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