Traders assessed the impact of the war, and price pressures on gold and silver eased somewhat.
2026-04-27 22:56:27
On Monday (April 27), gold and silver prices saw a slight decline after the US market officially opened. Currently, global traders are closely monitoring the latest developments in the Iraq War, while also diligently reviewing and analyzing the meeting schedules of major central banks worldwide this week, attempting to predict the potential impact of monetary policy trends on the precious metals market. As of the time of writing (22:44 on April 27, 2026), the June gold futures contract (New York gold) fell by $37.20, with a real-time price of $4703.70 per ounce; the May silver futures contract (New York silver) fell by $1.29, with a real-time price of $75.65 per ounce.
The following is a summary of the latest developments in the Middle East wars:
Iran has made it clear to Pakistan that the long-running war could come to an end if the United States lifts its naval blockade.
—Currently, navigation in the Strait of Hormuz remains blocked, and the relevant blockade measures have not been relaxed in any way. As a key node in the global energy supply chain, the passage difficulties in the strait continue to affect global energy trade.
The U.S. military announced that its naval forces successfully intercepted a vessel linked to Iran in the Arabian Sea, but further details have not yet been disclosed.
Germany is fully prepared, with naval forces on standby to respond to any contingencies that may arise in the Strait of Hormuz and to help maintain navigation safety in the region.
Of particular note is that Iran has submitted a new peace proposal to the United States, the core of which is the reopening of the Strait of Hormuz, with the aim of ending the current state of war between the two sides. This proposal explicitly includes clauses regarding a suspension of nuclear negotiations. According to the specific plan, all parties should first extend the ceasefire to lay the foundation for a permanent solution to the conflict; nuclear negotiations, on the other hand, should only proceed gradually after the United States completely lifts its blockade of the Strait of Hormuz. Currently, Pakistan, as a mediator, has formally submitted the proposal to the White House, but as of now, the United States has not made a clear statement on whether it is willing to consider this peace plan. According to Axios, the White House has clearly stated that the United States will only sign agreements that prioritize the core interests of the American people.
In addition, a security incident that garnered widespread attention occurred Saturday evening: a man carrying a gun and a knife forced his way into a high-level press dinner being held at the Washington Hilton Hotel. President Trump, Vice President Vance, and several senior U.S. government officials were present at the event. The man rushed towards the banquet hall, but Secret Service agents reacted quickly and subdued him, preventing further serious consequences. Neither the president nor the vice president was injured and were subsequently escorted away by Secret Service agents. According to law enforcement officials, the gunman fired shots at the scene, and several media outlets later reported that a law enforcement official was hit in the bulletproof vest but sustained minor injuries and is not expected to be in life-threatening condition.
This week, several major central banks around the world will hold monetary policy meetings, which has become another major focus of market attention. According to Bloomberg, policymakers in the United States and the G7 are likely to maintain current interest rates while closely monitoring the potential inflationary risks from rising energy costs, especially the ongoing impact of the situation in the Strait of Hormuz on global energy prices.
A Bloomberg report noted that "Washington, Ottawa, London, Frankfurt, and Tokyo will hold monetary policy meetings within three days, and it is expected that none of these countries will adjust current interest rates. Central banks will be closely monitoring the potential ripple effects of the Iranian war, particularly its impact on energy markets and the global economy." The Bank of Japan will be the first to hold its meeting on Tuesday, and based on market news over the past week, it is inclined to postpone its rate hike plans for this month. Economists and market investors generally predict that the Bank of Canada and the Federal Reserve will also adopt a "wait-and-see" approach, temporarily refraining from adjusting interest rates until the situation in the Middle East and the global economic outlook become clearer. The Bank of England and the European Central Bank are expected to release statements on Thursday, and are highly likely to maintain their current interest rate policies.
The report further emphasizes: "While domestic economic conditions are the core factor determining the direction of monetary policy, events in the Strait of Hormuz, a crucial global energy supply route, can also significantly impact the formulation of monetary policies." It is worth noting that this week's Federal Open Market Committee meeting is likely to be Jerome Powell's last meeting as Governor of the U.S. Federal Reserve.
Meanwhile, the obstacles to Kevin Warsh becoming the next Federal Reserve Chairman have been officially removed. U.S. Senator Thom Tillis publicly stated on Friday that he would drop his obstruction against Warsh's nomination. Tillis stated that the U.S. Department of Justice announced on Friday the conclusion of its criminal investigation into current Federal Reserve Chairman Jerome Powell, a move that completely eliminated any potential threat to the Fed's independence. He explicitly expressed his support for Warsh's nomination, praising him as an "outstanding candidate" who can help the Fed overcome external interference and refocus on its core mission. The Republican senator from North Carolina's statement paves the way for Warsh to quickly succeed Powell, whose term as Fed Chairman officially ends on May 15. Warsh, a former Federal Reserve governor, possesses extensive experience and deep professional expertise in the financial field, and his policy proposals are closely watched by the market.
Looking at current key data from external markets, the US dollar index is showing a slight downward trend, while the price of West Texas Intermediate crude oil on the New York Mercantile Exchange continues to rise, currently climbing to around $96.50 per barrel. Meanwhile, the yield on 10-year US Treasury bonds remains stable at 4.32%. Furthermore, the current price of gold in London is $4691.31 per ounce, and silver in London is $75.173 per ounce. The Shanghai Gold Futures Exchange's main contract price is 1033.84 yuan per gram, and the Shanghai Silver Futures Exchange's main contract price is 18634 yuan per kilogram. These market data changes are also influencing the precious metals market trend to some extent.
We would like to remind investors that the gold market primarily relies on two core pricing mechanisms. The first is the spot market, where prices are determined for immediate, on-the-spot gold transactions, reflecting the real-time supply and demand relationship. The second is the futures market, where prices are pre-set for gold delivery on a specific future date, locking in the future trading price. Due to fluctuations in market liquidity at the end of the year, the most actively traded gold futures contract on the CME (Chicago Mercantile Exchange) is currently the December contract.
(COMEX Gold Daily Chart Source: FX678)
From a technical analysis perspective, for investors going long on gold futures, the next key target price is to push the futures price above the important resistance level of $5,000.00, a crucial level that the market is widely watching. Investors going short on gold futures, on the other hand, hope to suppress the futures price below the important support level of $4,671.58 (the day's low), further extending the downside potential. Specifically, the first resistance level for gold futures is at $4,745.8 (the day's high). A break above this level would target $4,800.00. As for support levels, the first support level is the day's low of $4,686.6. A break below this level would target $4,671.58 (the day's low for spot gold).
(COMEX silver daily chart source: FX678)
In terms of silver futures, from a technical perspective, for bullish investors, the next upside target is to push silver futures prices above the strong technical resistance level formed in April, namely the key level of $77.105 (the day's high). Kitco Metals senior analyst Jim Wyckoff has also stated that the bullish trend in silver's technical charts is attracting speculators to go long. For bearish investors, the next downside target is to push silver futures prices below the important support level of $75.225 (the day's low), further dampening market sentiment. Specifically, the first resistance level for silver futures is at $77.105, and after a break above that, the next resistance level is $80.00. As for support, the next support level is the day's low of $75.225; if this level is breached, the subsequent support level will be $74.824 (the day's low for London silver).
The following is a summary of the latest developments in the Middle East wars:
Iran has made it clear to Pakistan that the long-running war could come to an end if the United States lifts its naval blockade.
—Currently, navigation in the Strait of Hormuz remains blocked, and the relevant blockade measures have not been relaxed in any way. As a key node in the global energy supply chain, the passage difficulties in the strait continue to affect global energy trade.
The U.S. military announced that its naval forces successfully intercepted a vessel linked to Iran in the Arabian Sea, but further details have not yet been disclosed.
Germany is fully prepared, with naval forces on standby to respond to any contingencies that may arise in the Strait of Hormuz and to help maintain navigation safety in the region.
Of particular note is that Iran has submitted a new peace proposal to the United States, the core of which is the reopening of the Strait of Hormuz, with the aim of ending the current state of war between the two sides. This proposal explicitly includes clauses regarding a suspension of nuclear negotiations. According to the specific plan, all parties should first extend the ceasefire to lay the foundation for a permanent solution to the conflict; nuclear negotiations, on the other hand, should only proceed gradually after the United States completely lifts its blockade of the Strait of Hormuz. Currently, Pakistan, as a mediator, has formally submitted the proposal to the White House, but as of now, the United States has not made a clear statement on whether it is willing to consider this peace plan. According to Axios, the White House has clearly stated that the United States will only sign agreements that prioritize the core interests of the American people.
In addition, a security incident that garnered widespread attention occurred Saturday evening: a man carrying a gun and a knife forced his way into a high-level press dinner being held at the Washington Hilton Hotel. President Trump, Vice President Vance, and several senior U.S. government officials were present at the event. The man rushed towards the banquet hall, but Secret Service agents reacted quickly and subdued him, preventing further serious consequences. Neither the president nor the vice president was injured and were subsequently escorted away by Secret Service agents. According to law enforcement officials, the gunman fired shots at the scene, and several media outlets later reported that a law enforcement official was hit in the bulletproof vest but sustained minor injuries and is not expected to be in life-threatening condition.
This week, several major central banks around the world will hold monetary policy meetings, which has become another major focus of market attention. According to Bloomberg, policymakers in the United States and the G7 are likely to maintain current interest rates while closely monitoring the potential inflationary risks from rising energy costs, especially the ongoing impact of the situation in the Strait of Hormuz on global energy prices.
A Bloomberg report noted that "Washington, Ottawa, London, Frankfurt, and Tokyo will hold monetary policy meetings within three days, and it is expected that none of these countries will adjust current interest rates. Central banks will be closely monitoring the potential ripple effects of the Iranian war, particularly its impact on energy markets and the global economy." The Bank of Japan will be the first to hold its meeting on Tuesday, and based on market news over the past week, it is inclined to postpone its rate hike plans for this month. Economists and market investors generally predict that the Bank of Canada and the Federal Reserve will also adopt a "wait-and-see" approach, temporarily refraining from adjusting interest rates until the situation in the Middle East and the global economic outlook become clearer. The Bank of England and the European Central Bank are expected to release statements on Thursday, and are highly likely to maintain their current interest rate policies.
The report further emphasizes: "While domestic economic conditions are the core factor determining the direction of monetary policy, events in the Strait of Hormuz, a crucial global energy supply route, can also significantly impact the formulation of monetary policies." It is worth noting that this week's Federal Open Market Committee meeting is likely to be Jerome Powell's last meeting as Governor of the U.S. Federal Reserve.
Meanwhile, the obstacles to Kevin Warsh becoming the next Federal Reserve Chairman have been officially removed. U.S. Senator Thom Tillis publicly stated on Friday that he would drop his obstruction against Warsh's nomination. Tillis stated that the U.S. Department of Justice announced on Friday the conclusion of its criminal investigation into current Federal Reserve Chairman Jerome Powell, a move that completely eliminated any potential threat to the Fed's independence. He explicitly expressed his support for Warsh's nomination, praising him as an "outstanding candidate" who can help the Fed overcome external interference and refocus on its core mission. The Republican senator from North Carolina's statement paves the way for Warsh to quickly succeed Powell, whose term as Fed Chairman officially ends on May 15. Warsh, a former Federal Reserve governor, possesses extensive experience and deep professional expertise in the financial field, and his policy proposals are closely watched by the market.
Looking at current key data from external markets, the US dollar index is showing a slight downward trend, while the price of West Texas Intermediate crude oil on the New York Mercantile Exchange continues to rise, currently climbing to around $96.50 per barrel. Meanwhile, the yield on 10-year US Treasury bonds remains stable at 4.32%. Furthermore, the current price of gold in London is $4691.31 per ounce, and silver in London is $75.173 per ounce. The Shanghai Gold Futures Exchange's main contract price is 1033.84 yuan per gram, and the Shanghai Silver Futures Exchange's main contract price is 18634 yuan per kilogram. These market data changes are also influencing the precious metals market trend to some extent.
We would like to remind investors that the gold market primarily relies on two core pricing mechanisms. The first is the spot market, where prices are determined for immediate, on-the-spot gold transactions, reflecting the real-time supply and demand relationship. The second is the futures market, where prices are pre-set for gold delivery on a specific future date, locking in the future trading price. Due to fluctuations in market liquidity at the end of the year, the most actively traded gold futures contract on the CME (Chicago Mercantile Exchange) is currently the December contract.
(COMEX Gold Daily Chart Source: FX678)
From a technical analysis perspective, for investors going long on gold futures, the next key target price is to push the futures price above the important resistance level of $5,000.00, a crucial level that the market is widely watching. Investors going short on gold futures, on the other hand, hope to suppress the futures price below the important support level of $4,671.58 (the day's low), further extending the downside potential. Specifically, the first resistance level for gold futures is at $4,745.8 (the day's high). A break above this level would target $4,800.00. As for support levels, the first support level is the day's low of $4,686.6. A break below this level would target $4,671.58 (the day's low for spot gold).
(COMEX silver daily chart source: FX678)
In terms of silver futures, from a technical perspective, for bullish investors, the next upside target is to push silver futures prices above the strong technical resistance level formed in April, namely the key level of $77.105 (the day's high). Kitco Metals senior analyst Jim Wyckoff has also stated that the bullish trend in silver's technical charts is attracting speculators to go long. For bearish investors, the next downside target is to push silver futures prices below the important support level of $75.225 (the day's low), further dampening market sentiment. Specifically, the first resistance level for silver futures is at $77.105, and after a break above that, the next resistance level is $80.00. As for support, the next support level is the day's low of $75.225; if this level is breached, the subsequent support level will be $74.824 (the day's low for London silver).
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- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
