Precious Metals Market Update: 4/2/2026

Precious metals diverged sharply on Thursday as investors rotated out of gold and silver following a multi-session rally, while platinum group metals gained on persistent supply-side fundamentals. Gold declined -1.72% to $4,688.03, retreating from Wednesday's elevated levels. Silver fell -2.48% to $73.75, the steepest single-day decline among the four metals. In contrast, platinum advanced +1.71% to $2,014.40, and palladium rose +2.33% to $1,531.37.

The session was shaped by President Trump's Wednesday prime-time address on the Iran conflict. In his first nationally televised speech since the conflict began, Trump stated that core strategic objectives are "nearing completion" and that U.S. forces would strike Iran "extremely hard" over the next two to three weeks. He threatened to target all of Iran's electric generating facilities and oil infrastructure if no deal is reached. Critically, Trump appeared to abandon his earlier demand that Iran reopen the Strait of Hormuz, instead urging allied nations that depend on the waterway to "take it" themselves. Oil surged in response, with West Texas Intermediate climbing approximately 10% to $110.21 per barrel and Brent crude rising 8% to $109.25.

The risk-off tone extended across global equities. Asian markets fell sharply, with South Korea's Kospi declining 4.47% and Japan's Nikkei 225 dropping 2.38%. U.S. equities followed suit, with the Dow Jones Industrial Average falling 1.29%, the S&P 500 declining 1.22%, and the Nasdaq Composite losing 1.62%. The reversal came ahead of Good Friday, compressing the holiday-shortened trading week. Airline and cruise operators led the declines amid rising fuel costs, while energy stocks gained on the oil rally.

The pullback in gold and silver reflected profit-taking after three consecutive sessions of gains that had pushed gold above $4,769 and silver above $75.80. The 10-year Treasury yield eased to approximately 4.31%, down slightly from 4.33% on Wednesday. Economic data released Thursday included initial jobless claims at 202,000 for the week ending March 28, below the 212,000 consensus estimate, and the February trade deficit at $57.3 billion, narrower than the $62 billion forecast. Platinum and palladium benefited from distinct supply-side dynamics: the World Platinum Investment Council's projected 240,000-ounce market deficit for 2026 supported platinum, while preliminary U.S. antidumping and countervailing duties on Russian palladium continued to underpin that metal's risk premium. Investors turned to gold bars and silver coins on the pullback.

Spot Precious Metals Prices

Key Drivers

Trump Prime-Time Address Extends Conflict Timeline

President Trump's Wednesday evening speech indicated that U.S. military objectives in Iran are "nearing completion," but that "extremely hard" strikes would continue for two to three more weeks. He threatened Iran's electric and oil infrastructure if no deal is reached and abandoned his prior demand that Iran reopen the Strait of Hormuz, instead urging allied nations to "take" the waterway themselves.

Oil Surges as Hormuz Remains Closed

West Texas Intermediate crude climbed approximately 10% to $110.21 per barrel, and Brent crude rose 8% to $109.25 following Trump's speech. The extended conflict timeline and continued Hormuz closure drove energy prices higher, weighing on airlines and consumer stocks while supporting energy equities.

Platinum and Palladium Gain on Supply Dynamics

Platinum advanced on the World Platinum Investment Council's projected 240,000-ounce market deficit for 2026 and strong bar-and-coin demand forecasts. Palladium gained support from preliminary U.S. antidumping and countervailing duties on Russian palladium imports, maintaining a risk premium tied to potential supply disruptions.

Looking Ahead

March Nonfarm Payrolls (Friday)

The Bureau of Labor Statistics releases the March employment report on Good Friday morning. Markets close early for the holiday, compressing the reaction window. The ADP National Employment Report for March, released on Wednesday, showed private sector job gains of 62,000, above the 39,000 consensus estimate.

Iran Conflict and Hormuz Developments

Trump's original April 6 deadline for Iran to reopen the Strait of Hormuz appears to have been replaced by a broader two-to-three-week military timeline. Any diplomatic progress, Iranian military response, or shifts in allied engagement regarding the Strait remain the primary catalysts for energy prices and, by extension, precious metals.

Q2 Positioning and Inflation Data

With the first quarter now concluded, institutional portfolio rebalancing continues into early April. The next major inflation reading -- the March Consumer Price Index -- is scheduled for the following week and carries elevated significance given the ISM prices-paid surge to 78.3 reported earlier this week.

Disclaimer: This market update is for informational purposes only and does not constitute financial, investment, or trading advice. Precious metals investing involves risk, and past performance is not indicative of future results. Always conduct your own research or consult a qualified financial advisor before making investment decisions. Prices shown are sourced from texmetals.com and are subject to change.