Overview
- Following Tuesday’s global selloff, spot gold slipped about 1% to roughly $4,620–$4,680 an ounce as crude pushed back toward $110 a barrel and silver fell more than 2%.
- The Bank of Japan kept its rate at 0.75% but flagged stronger inflation from high energy costs, and traders now look to the Federal Reserve’s decision Wednesday for signals on how long borrowing costs may stay elevated.
- Talks to end the U.S.–Iran war faltered after Saturday’s canceled Pakistan meeting, and a fresh Iranian offer to reopen the Strait of Hormuz in exchange for lifting a U.S. port blockade drew skepticism from Washington.
- A Reuters poll now pegs 2026 gold around $4,916 an ounce and silver near $78, and prediction markets have marked down near-term moonshot bets like $8,000 gold or $200 silver by June.
- Local markets swung in opposite directions as India’s retail rates rebounded to roughly ₹1.53 lakh per 10 grams while Pakistan logged a single-day drop of about Rs8,900 per tola, reflecting global moves, currency shifts, and local taxes.