Whalesbook
Precious Metals Climb as Oil Falls
Gold and silver prices are climbing, recovering from recent lows, as oil prices fall below $100 a barrel. This rally is largely fueled by renewed optimism for potential diplomatic talks between the U.S. and Iran, which is easing concerns about inflation. A weaker dollar index also helped precious metals, making them cheaper for international buyers.
US-Iran Diplomacy Eases Oil Prices
Oil benchmarks Brent Crude and West Texas Intermediate fell to around $97 and $96 a barrel. The decline followed comments from U.S. President Donald Trump suggesting Iran wants a deal. Reports indicate a new round of negotiations could begin as soon as Thursday, April 16, 2026, offering a temporary pause in geopolitical tensions. This drop in energy costs reduces expectations for aggressive interest rate hikes by central banks, which often favor assets that pay interest.
MCX Trades Muted on Holiday
In India, the Multi Commodity Exchange (MCX) had a partial trading session due to the Ambedkar Jayanti holiday. MCX Gold futures for June delivery closed flat, and May Silver futures saw a small drop. Trading resumed for the evening session, following global market trends. Analysts point out that gold faces immediate resistance around $4,850. Ongoing geopolitical uncertainties, especially concerning the Strait of Hormuz, also continue to present underlying supply risks.