Gold, silver rates today: Comex gold gains $44/oz; silver up $3.5/oz on fresh Iran peace hopes
Gold and silver prices have recovered smartly from their intraday lows on Friday, 1 May, amid hopes for a deal to end the Iran war.
COMEX gold futures rallied $44 per troy ounce to an intraday high of $4,673, yet the yellow metal remained on track for its second weekly loss. Silver futures recovered $3.52 to $77.52, helping cut its weekly loss to 0.50%. In the previous week, the white metal had lost nearly 7% of its value.
In a major development, Iran reportedly delivered a new proposal for negotiations with the United States to Pakistani mediators, state-run news agency IRNA reported. The fate of the key Strait of Hormuz lies at the heart of the stalemate.
Both Iran and the US have signalled that they are waiting for the other side to move first before agreeing to ease restrictions on traffic.
Precious metals witnessed sharp volatility this week as traders navigated between hopes of peace talks between the US and Iran and fears of escalating tensions following a fresh exchange of statements from both countries.
Iran has earlier submitted multiple proposals to the US as well, but Donald Trump has rejected them, maintaining that the Islamic Republic must first agree to a nuclear deal that satisfies the White House’s key demands.
Trump reaffirmed that the US would maintain its naval blockade of Iranian ports to intensify economic pressure. The standoff between the two countries is impacting global energy prices, with Brent crude earlier this week rising to a four-year high. Oil prices have now touched nearly double the levels seen at the start of the year.
Rising energy prices could encourage central banks to keep interest rates higher for longer, which would pressure non-yielding assets like gold as investors turn to alternatives such as Treasury yields that offer better returns.
The higher prices have also started reflecting in inflation numbers, with US inflation accelerating in March 2026 and the headline PCE price index hitting 3.5% annually, its highest level in nearly three years.
Policymakers have already cautioned about the increase in prices and have also revised inflation estimates higher, pushing back expectations of rate cuts.
The European Central Bank and the Bank of England left interest rates unchanged on Thursday, following similar decisions this week by the Federal Reserve and the Bank of Japan.
Bullion prices have fallen since the start of the Iran conflict in late February, even though the metal is traditionally considered a hedge against geopolitical uncertainty.
MCX gold rebounds over ₹2,000; silver tops ₹2.52 lakh
Tracking gains in the international market, the near-month gold futures contract on MCX Gold Futures rose ₹1,097, reclaiming the ₹1.52 lakh mark to touch ₹1,52,208.
From this week’s low of ₹1,47,950, the yellow metal has staged a solid recovery of ₹4,258.
The silver futures contract on MCX Silver Futures gained sharply by ₹9,764 per kilogram to hit the day’s high of ₹2,54,220, extending its winning streak to the second straight session.
The rally has also turned the white metal’s weekly return positive at 2.50% so far. At today’s high, silver has recovered nearly ₹22,000 from Tuesday’s low.
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