Gold And Silver Prices Drop As Crude Oil Prices Rise

Precious metals experienced a downward correction during the latest trading session on the COMEX in New York, as investors reacted to a strengthening U.S. dollar and evolving geopolitical signals, AzerNews reports.

Both gold and silver retreated from their recent positions, marking a day of profit-taking across the commodities sector.

The price of a troy ounce of gold fell by 28.1, settling at 4,789.9, according to trading platform data. This decline represents a notable cooling off for the yellow metal, which has seen unprecedented growth throughout early 2026.

Silver mirrored gold's movement, though its decline was more measured. The white metal dropped by 0.25, reaching a closing price of 76.19 per troy ounce.

In a commentary for the Wall Street Journal, Thu Lan Nguyen, an analyst at Commerzbank, highlighted a pivotal shift in investor sentiment.

"The market is losing ground because investors are increasingly focused on the inflationary risks triggered by the war in the Middle East," Nguyen noted.

Meanwhile, the price of a barrel of Brent crude oil climbed by $0.89, settling at $96.81.

Simultaneously, on the New York Mercantile Exchange (NYMEX), light crude oil also saw an upward movement, with its price rising by $0.78 to reach $98.65 per barrel.

Credit: Chris Ratcliffe / Bloomberg

MENAFN10042026000195011045ID1110966450