Price movement– Gold fell below $4500, and silver slipped under $75, as rising US-Iran tensions kept inflation risks and rate-hike prospects at the forefront of investor sentiment. Silver has erased all gains that had been built on AI-sector optimism and growing demand for metals used in data-centre infrastructure.

Geopolitical Developments – President Trump warned that US strikes on Iran could resume within two to three days if Tehran declined Washington’s peace terms — remarks made shortly after he confirmed calling off a prior attack following Gulf allies’ intervention. Iran’s nuclear programme remains the core sticking point. The prolonged conflict has kept the Strait of Hormuz effectively shut to shipping, pushing oil prices higher and deepening inflationary pressure.

Macro-economic Signals – Rising US inflation has driven traders to further pare back Federal Reserve rate-cut expectations for the year, while strengthening speculation that the central bank may instead raise rates before year-end.

Technical Triggers   

Gold’s break below $4500 has cleared the way toward the March low near $4350, with resistance at $4600–$4800. The higher-highs/higher-lows structure holds above $4300, indicating pullbacks remain consistent with re-accumulation rather than distribution.

Silver’s loss of the $75 support level points to continued downside, with $71 and $67 as the next key targets.

Dr.Renisha Chainani, Head- Research, Augmont