Silver and Gold Slip as Trump's 'Destroy Iran' Deadline Nears

Gold and silver eased on Tuesday but remained close to recent records, with gold trading around $4,650/oz, down $25 from last Thursday’s finish, and silver slipping 1.5% to as low as $71.50/oz, a fresh all-time high. The pullback came as traders balanced Easter Week’s safe-haven bid against a new Trump deadline on Iran and heightened risk around the Strait of Hormuz, which has kept geopolitical risk premium embedded in precious metals. The move is being driven by the intersection of war-risk inflation and a still-dovish rate backdrop. West Texas Intermediate rebounded above $110/bbl, lifting market-based inflation expectations, while a note from MKS Pamp’s Nicky Shiels argued the setup is “about as event-dense as it gets,” with the Iran headline, US PCE on Thursday, CPI on Friday, and several central bank decisions due this week. Despite oil-driven inflation pressure, she said the broader global easing cycle is lowering the opportunity cost of holding non-yielding assets like gold and silver. Near term, the desk will be watching whether geopolitics keeps overriding rates: any further escalation around Iran could extend safe-haven inflows, while upside inflation surprises may reinforce gold’s hedge appeal even if they complicate the policy outlook. Key catalysts are the Trump/Iran deadline, Thursday’s PCE, Friday’s CPI, and rate decisions from New Zealand, India, Poland and South Korea.