Precious metals experienced mixed movements at the close of today's session, Friday, May 1, 2026. Gold XAU remained practically flat, closing at $4626.60 USD/oz, a minimal variation of -0.06%. Silver XAG, on the other hand, showed a strong appreciation, gaining 2.73% to settle at $76.05 USD/oz. Platinum XPT and palladium XPD also closed in positive territory, with gains of 0.25% and 0.57% respectively. Copper [HG] closed the day with a slight drop of 0.20% at $5.97 USD/oz.
The session was marked by continued geopolitical uncertainty, especially concerning the conflict in Iran and the Strait of Hormuz. Statements from the CEO of Exxon Mobil regarding the expectation of higher oil prices due to the war, while an inflationary factor that could benefit metals as a safe haven asset, did not significantly boost gold prices. The market also reacted to news about the possible imposition of new sanctions by the U.S. on Cuba and trade tensions with the European Union, with Trump announcing an increase in tariffs on European vehicles, adding volatility to the global economic outlook.
The news that Tether has slowed its gold purchases to 6 tons in the first quarter might have exerted slight pressure on the yellow metal, although its impact was mitigated by other factors. In the macroeconomic sphere, the extension of discussions on pathogen exchange by the WHO and the entry into force of 100% tariffs between Colombia and Ecuador add complexity to the global scenario, but did not generate drastic movements in metals during the afternoon.
Silver XAG showed remarkable resilience, likely driven by expectations of growing industrial demand and its role as a safe haven asset in an environment of uncertainty. Platinum XPT and palladium XPD benefited from a general positive sentiment in precious metals and expectations of recovery in key industrial sectors.
Metals Close
* **Gold (XAU):** Closed at $4626.60 USD/oz (-0.06%). Sideways movement after the opening, without a clear direction, influenced by geopolitical factors and the news of Tether's slowing purchases.
* **Silver (XAG):** Closed at $76.05 USD/oz (+2.73%). Strong intraday rebound, surpassing previous resistance levels, driven by its appeal as a safe haven asset and industrial demand expectations.
* **Platinum (XPT):** Closed at $1999.60 USD/oz (+0.25%). Moderate rise, benefiting from positive sentiment in precious metals.
* **Palladium (XPD):** Closed at $1542.00 USD/oz (+0.57%). Continued its upward trend, showing strength in the closing session.
* **Copper (HG):** Closed at $5.97 USD/oz (-0.20%). Slight weakness amid global economic uncertainty and the impact of trade tensions.
Session Driver
The closing session was dominated by the persistence of geopolitical tensions, particularly the conflict in Iran and the Strait of Hormuz, and news regarding the U.S. increase in tariffs on the EU. These factors created a backdrop of uncertainty that supported silver's status as a safe haven asset, while gold remained in a narrow range, reflecting a balance between inflationary pressures and the absence of a strong bullish catalyst.
Investors should closely monitor upcoming U.S. inflation data (to be released on Monday) and speeches from Federal Reserve members, which could offer clues about the future trajectory of interest rates. Ongoing news regarding the Middle East conflict and international trade relations will continue to be key factors for the performance of precious metals.
Sources
Tether slows gold purchases to 6 tons in first quarter
Exxon Mobil CEO expects higher oil prices due to Iran war: ‘The market hasn’t seen the full impact’
Trump raises tariffs on EU cars to 25%, citing trade agreement violations