Gold Prices Stabilize Amid Ongoing Oil Slide as Trump Announces Iran Ceasefire Extension

Commodity Markets Show Mixed Trend in Early Trade

Commodity markets presented a mixed trend in the early trade on April 22, with crude oil prices edging slightly lower, while precious metals moved higher in response to global macroeconomic cues, currency fluctuations, and demand signals from key economies.

Oil prices declined on Wednesday after an initial rally of about $1 in early Asian trade, as investors reassessed the outlook for US–Iran peace talks following Washington's decision to extend the ceasefire. Brent crude futures slipped 21 cents, or 0.2%, to $98.27 per barrel, after briefly touching $99.38 earlier in the session. Meanwhile, West Texas Intermediate (WTI) futures declined 28 cents, or 0.3%, to $89.39, after rising to an intraday high of $90.71.

Comparison of Crude Oil Prices

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Both benchmark contracts had gained around 3% in the previous session. US President Donald Trump announced an indefinite extension of the ceasefire with Iran just hours before its scheduled expiry, allowing more time for negotiations aimed at ending a conflict that has claimed thousands of lives and unsettled global markets.

In the precious metals segment, gold steadied after a two-day decline as Trump extended the ceasefire with Iran while expectations of a fresh round of peace talks weakened. Bullion hovered near $4,750 per ounce in early trade, following a drop of more than 2% in the previous session. Silver gained 0.3% to $76.96 per ounce, while platinum and palladium traded largely unchanged.