Gold Falls 2.75% to $4,695: Iran-US War and Fed Shape Market Close

Precious metals experienced a bearish trading session this Tuesday, April 21, 2026, with gold leading the losses. XAU closed at $4695.90 USD/oz, registering a 2.75% drop. Silver (XAG) was not far behind, losing 5.34% to settle at $75.76 USD/oz. Platinum (XPT) and palladium (XPD) also traded in negative territory, with declines of 3.12% and 2.15% respectively. Copper (HG) showed less weakness, retreating 1.11% to $5.98 USD/oz.

**Metal Closures**

* **Gold (XAU):** $4695.90 USD/oz (-2.75%). The precious metal suffered a marked contraction, influenced by escalating tensions between the United States and Iran, despite diplomatic efforts. News that Vance's trip to Pakistan for Iran talks is on hold, along with the warning that Iran is evading the US blockade, generated caution. Additionally, statements from Fed members, such as Waller, advocating for a restructuring of regional banking operations, added uncertainty about future monetary policy.

* **Silver (XAG):** $75.76 USD/oz (-5.34%). Silver, more sensitive to gold's movements and with an industrial component, experienced the largest percentage drop. The general weakness in the precious metals market and the lack of a specific bullish catalyst for silver contributed to its decline.

* **Platinum (XPT):** $2022.00 USD/oz (-3.12%). Platinum followed the general trend, affected by a risk-off sentiment in the markets.

* **Palladium (XPD):** $1535.00 USD/oz (-2.15%). Palladium, although with a smaller decline, was also dragged down by the bearish dynamics of the sector.

* **Copper (HG):** $5.98 USD/oz (-1.11%). Copper showed relative resilience, possibly influenced by positive news in the mining sector, such as drilling results boosting BMC's zinc-copper project in Yukon. However, the overall market weakness limited its upside potential.

**Session Driver**

The main driver of the session was persistent geopolitical uncertainty surrounding US-Iran tensions, as well as mixed signals from the Federal Reserve. News about the possibility of a deal with Iran and its oil tankers evading blockades created an environment of caution, reducing the appeal of safe-haven assets like gold. Statements from Fed officials regarding banking restructuring fueled speculation about future monetary policies, affecting the perceived value of metals.

**Tomorrow**

For Wednesday, April 22, 2026, investors should pay attention to the US producer price data, which could offer more clues about inflationary pressures. Furthermore, the appearance of Kevin Warsh, a candidate for Fed Chair, before the Senate will be crucial for assessing the future direction of monetary policy. Any new updates on Iran-US negotiations or developments in Ukraine could also influence market sentiment.

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