Gold and silver continued to trade higher for the fourth straight session on Wednesday, 1 April, as safe-haven demand remained intact amid hopes that the US–Iran conflict could end soon and a softening US dollar.
May silver futures on COMEX gained $1 to hit an intraday high of $75.95 per troy ounce, while April futures also extended gains, rising $113 to an intraday high of $4,791 per troy ounce.
Safe-haven assets, which had largely been ignored by investors since the beginning of the US–Iran conflict due to fears that higher energy prices could prompt central banks to raise interest rates, have recently seen renewed interest following US President Donald Trump’s remarks suggesting a potential end to the war.
The drop in the US dollar has also aided gains, with the dollar index falling to 99.5 in today’s trade, retreating further from the 10-month high of 100.5 touched on Monday. Last month, the dollar index had gained 2.3% as investors sought the safe-haven asset amid fears of a prolonged war.
Meanwhile, US President Donald Trump said he would only when the Strait of Hormuz is reopened.
Iran’s “new regime president” has asked the US for a ceasefire, Trump said in a social media post on Wednesday, possibly referring to comments by Masoud Pezeshkian, who said the Islamic Republic has “the necessary will” to end the war under certain guarantees.
“We will consider when the Hormuz Strait is open, free, and clear,” Trump said. “Until then, we are blasting Iran into oblivion.”
Trump’s comments came a day after he suggested he was keen to exit the conflict sooner rather than later — regardless of a ceasefire or a deal to reopen Hormuz, a vital shipping lane for global energy supplies. “We’ll leave because there’s no reason for us to do this,” he told reporters at the White House.
Earlier, US Defense Secretary Pete Hegseth said the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not reach a deal.
The focus has also shifted to the , which Iran has taken full control of since the beginning of the war, disrupting energy markets and triggering global recession concerns.
Last week, Trump said the US is “in serious discussions with a new, and more reasonable, regime to end our military operations in Iran,” adding that “great progress has been made.” However, Tehran has publicly denied any negotiations with the US, though it admitted receiving a 15-point plan from Washington to end the war.
As ceasefire hopes continued to fluctuate, they have capped the upside in precious metals, with spot gold and silver falling 11.65% and 20%, respectively, in March.
MCX gold jumps over ₹2,600 per 10g; silver reclaims ₹2.42 lakh per kg
In the domestic market, April futures on 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
(With inputs from Bloomberg)
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