Overview
- President Trump announced a two‑week truce with Iran that requires a complete and safe reopening of the Strait of Hormuz.
- Following the announcement, crude fell about 15% as supply risk eased, while spot gold approached $4,800 an ounce and silver neared $77 in a sharp relief rally.
- India and Pakistan saw outsized moves, with the All India Sarafa Association citing silver up roughly Rs 11,000 per kg and gold up about Rs 3,200 per 10g, while Pakistan’s per‑tola gold rose Rs 15,700 and the PSX halted trading after an early jump of more than 8%.
- By Thursday, Israeli strikes in Lebanon and questions over shipping flows cooled the bounce, with MCX gold down about 0.5%, MCX silver down about 1.5%, and Pakistan’s per‑tola price lower by Rs 9,500.
- Markets now watch ceasefire compliance and upcoming US inflation readings, with recent Fed minutes pointing to possible rate hikes that could weigh on non‑yielding assets like gold.