Gold Closes at $4,760: Hormuz Tensions and Macro Data Influence

Precious metals markets concluded Wednesday, April 22, 2026, with mixed performance, influenced by persistent geopolitical tensions in the Strait of Hormuz and the evolution of macroeconomic indicators.

Close by Metal

* **Gold (XAU):** Closed at $4760.80 USD/oz, registering a slight drop of -0.87%. Despite ongoing negative news regarding the partial closure of the Strait of Hormuz, which pushed gold higher during the morning, the safe-haven asset failed to maintain its initial momentum. Caution prevailed amid a lack of significant new catalysts and the potential stabilization of risk sentiment.

* **Silver (XAG):** Finished the session at $77.81 USD/oz, with a gain of +1.73%. Silver demonstrated greater intraday strength, benefiting from industrial demand and its own cross-metal correlation dynamics with gold, albeit with a more pronounced upward trend.

* **Platinum (XPT):** Reached $2089.80 USD/oz, posting a solid advance of +2.40%. Platinum stood out for its positive performance, possibly driven by expectations of recovery in industrial and automotive demand, in addition to geopolitical supply arbitrage factors.

* **Palladium (XPD):** Ended at $1559.00 USD/oz, adding +1.19%. Palladium showed a more moderate but positive performance, reflecting sustained demand in the automotive sector.

* **Copper (HG):** Concluded at $6.14 USD/oz, marking a significant increase of +2.13%. Copper led gains among industrial metals, driven by the general strength of commodities and expectations of robust demand.

Session Drivers

The persistence of news regarding the partial closure of the Strait of Hormuz and ship seizures by Iran continued to be a supporting factor for precious metals, especially gold, for most of the session. However, the lack of further escalation and investor caution in the absence of high-impact macroeconomic data in the US afternoon limited gold's gains. Attention shifted towards the evolution of tensions and the possibility of a unified US response to Iran, according to White House statements. On the other hand, the Gold ETF showed no significant outflows or inflows that could alter the trend.

Tomorrow

For the trading day of Thursday, April 23, 2026, investors should pay close attention to the release of inflation data (CPI) from the European Union, which could generate volatility in currency markets and, consequently, in precious metals. The evolution of negotiations and geopolitical sentiment surrounding Iran will remain a key factor to monitor. In the corporate arena, results from companies related to the automotive and technology sectors could offer clues about future demand for industrial metals.

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