Gold and silver prices remained in a tight consolidation range on Tuesday as investors weighed the slim prospects of a U.S.-Iran peace deal ahead of a Wednesday ceasefire deadline, while crude oil surged on renewed fears over the Strait of Hormuz blockade.
Spot gold was trading around $4,794–$4,825 per ounce, pinned within its recent $4,750–$4,850 band, while silver hovered near $79.30, holding above the key $78 support level. On MCX, gold traded in the ₹1,53,500–₹1,54,000 range and silver held above ₹2,51,000.
Crude oil dominated market moves. Brent crude climbed to around $95 per barrel and WTI to approximately $91, both surging more than 6 per cent on Monday after Iran reimposed restrictions on the Strait of Hormuz over the weekend, citing U.S. “breaches of trust.” IRGC gunboats fired on a transiting tanker, several vessels turned back, and the U.S. seized an Iranian cargo vessel in the Gulf of Oman. The moves reversed a sharp Friday selloff, when Brent had fallen to $86 after Iran’s foreign minister briefly declared the strait open.
“The double blockade of the chokepoint, through which roughly a fifth of global oil supply passes, remains intact, putting a firm floor under crude prices despite shifting ceasefire signals,” said Kaynat Chainwala, AVP Commodity Research at Kotak Securities.
The energy-driven inflation risk is now directly weighing on gold. As crude surged, the dollar firmed above 98.3, dampening rate-cut expectations and limiting upside for non-yielding assets. President Trump has stated he will not extend the ceasefire beyond Wednesday if no agreement is reached, and has said the Strait of Hormuz will remain closed until a deal is finalised. U.S. Vice President JD Vance is travelling to Pakistan for negotiations with Iran.
Renisha Chainani, Head of Research at Augmont, noted that “the ongoing Middle East conflict has caused significant disruption to energy supplies, pushing inflation risks higher and increasing the probability of central bank interest rate hikes — both of which create headwinds for gold prices.”
Markets are also watching Tuesday’s congressional testimony from incoming Fed Chair Kevin Warsh, his first since nomination, for signals on the Fed’s tolerance for energy-driven inflation. U.S. retail sales, pending home sales, flash PMIs and weekly jobless claims round out the week’s data calendar.
Technically, a decisive break above $4,900 on COMEX gold could open the path toward $4,970–$5,000, while a fall below $4,800 risks a slide to $4,650–$4,600. For silver, a close above $80–$81 could lift prices toward $85–$87, but a break below $78 exposes the $75–$76 zone. The USD/INR pair is expected to trade sideways in the ₹92.95–₹93.35 range. The rupee ended Monday 20 paise weaker at 93.12.
Published on April 21, 2026
