Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver, and platinum, as well as key correlated assets.

Gold Markets

We are looking at another week in which the dominant driver of gold pricing is likely to be reporting and rhetoric issued around the peace negotiations, while a very tenuous ceasefire agreement is held between the US and its Israeli allies and Iran. We saw this level of impact just in the hours since global markets reopened yesterday evening following the weekend. Sometime after Asian markets opened for cash trading, reports began to circulate about a potential deal on the table between the US and Iran, which might bring a lasting (though notably not permanent) end to fighting. In reaction, gold prices pushed as high as $4725/oz in Hong Kong as traders and investors were eager to grasp on to any optimism that the geopolitical environment will cool, the risk of oil shock (and accompanying higher prices) will fade to memory, and G8 central bankers will turn their focus back to planning the next interest rate cut. By lunchtime in London, however, the “deal on the table” story was invalidated, and the precious metal’s spot prices have since dropped back to Friday’s near $4675/oz and look to be flirting with a deeper sell-off. Different from last week, we do have more impactful events on the macro data calendar in the days ahead, which could have a sizeable (if acute) impact on gold trading as April 2026 comes to a close.

Silver and Platinum Markets

Silver and platinum’s charts have followed closely with gold for the last week. Both dove sharply early last week as markets braced for the Iran ceasefire to expire and for bombing to resume while oil prices rose to the sky; both rebounded when the White House declared a somewhat indefinite ceasefire extension and then drifted lower throughout the week as analysts and market players digested the lack of any revelations. And both have put in the same overnight pop and Monday morning drop, as reviewed above. An additional risk that platinum will need to contend with: it is the only one of the triplet that, in the last 5 sessions, has broken below key psychological support ($2000/oz.)

Silver and Platinum have corresponded so tightly to gold that it’s currently hard to say if this is a result of both metals trading their own macro and/or geopolitical reaction functions or just following the gold chart. If it’s the former, we could see a break in the week ahead as platinum—and silver to a lesser degree—is not expected to have the same potential reactions to news out of the FOMC or even US GDP data that gold should. If it’s the latter, silver and platinum may be trailing just behind any large moves in the yellow metal.

Macro Data to Watch this Week

Wednesday, April 29 at 2pm ET // FOMC Interest Rate Decision

[No meaningful change to monetary policy is expected.]

Thursday, April 30 at 830am ET // US Q1 2026 GDP Growth (Adv.)

[consensus est.: +2.2% QoQ // prev. (Q4-25): +0.5%]

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.