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 Market

Gold prices are holding steady around $4680/oz on Monday morning. From some traders’ perspectives, it is a welcome surprise that spot prices didn’t drop more aggressively to open the week after Friday morning’s March Jobs Report for the US economy, delivered while markets were effectively closed in observance of Good Friday, argues a bear case for the yellow metal in announcing much greater growth in the US Labor Market than projected. That said, with London still mostly offline for Easter Monday, we will keep an eye out for any late processing on Tuesday.
Despite a cautiously optimistic start to the week for gold, the risk of strong headwinds appears considerable. Markets in general continue to turn and churn around the ongoing war waged by the US and Israel against Iran and its proxies, with a failure to end hostilities by the end of April viewed by many as an approaching precipice. And while this kind of geopolitical turmoil is exactly what gold has built its reputation as a safe-haven on, projections for how this conflict may impact markets, global economies, and eventually key monetary policy have reached a point where the best conceivable response in the gold market for the near term may be net-neutral. Should the US and Iran come to a peace agreement, under whatever terms, gold is likely to lose whatever level of interest is being driven by those seeking safety outside of the US Dollar (currently the dominant safe-haven play) But if the conflict were to continue beyond the end of this month, the downstream impact of the expected spike higher in oil prices would almost certainly force the Federal Reserve to more seriously consider raising interest rates. Yields being pushed higher across financial markets would pose an aggressive challenge to gold’s position above even $3500/oz. And for the time being, markets have already begun to noticeably reduce Fed Funds Futures bets on a rate cut coming earlier in 2026 than later.

Silver & Platinum Markets

Silver and platinum prices continue to soften this week, trading largely without any inputs specific to the physical commodities or their markets. Silver has dropped as low as $72/oz, while platinum now trades below $2000. True, bid volumes for both metals remain weaker in the face of a strong USD as this makes it considerably more expensive for foreign buyers to take positions in or delivery of any Dollar-denominated assets. But analysts estimate that the primary pressure on silver and platinum are the same buffeting their yellow cousin: the retrenching risks of potential rate hikes in 2026 are dulling interest in most non-yielding assets, while the raising of margin calls in other sectors (the increasingly pricey crude oil market and the volatile US stock market) and on CME contracts for the precious metals themselves are compelling a consistent pace of liquidation.

Key US Data to Watch

Wednesday, April 8 at 2pm ET // FOMC Discussion Minutes
Friday, April 10 at 830am ET // Consumer Price Index (Mar)
[(core CPI) consensus est.: +2.7% YoY // prev.: +2.5%]
[(headline CPI) consensus est.: +3.3% YoY // prev.: +2.4%]

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.