Gold Fell Below $4700: Silver Below $73 Amid Rising US Dollar and Geopolitical Tensions

Gold and silver prices tumbled sharply on Thursday (April 2), with COMEX gold sliding 2.21% to $4,677 per ounce and silver plunging 4.22% to $72.87 per ounce. The decline was driven by a stronger US dollar and lingering geopolitical tensions that unsettled market sentiment.

Why Gold and Silver Prices Fell?

Investor nerves were rattled after US President Donald Trump, in a prime-time address on the Iran conflict, suggested that Washington’s “core strategic objectives” were close to being achieved, while also signaling the possibility of additional strikes over the next two to three weeks.

The statement dampened risk appetite, pushing investors toward the dollar as a safe-haven asset and weighing on precious metals.

This pullback followed a strong rally just a day earlier in India, where easing tensions in West Asia had lifted bullion prices. On Wednesday (April 1), 99.9% pure gold surged by ₹3,500 to ₹1.55 lakh per 10 grams, while silver soared ₹9,000 to ₹2.46 lakh per kilogram.

Also Read: SGB Tax Rules Changed: Will Sovereign Gold Bonds Still Deliver Tax-Free Returns After Budget 2026?

Investors to Watch US Economic Indicators

Analysts had linked that upswing to expectations of softer crude oil prices and easing long-term inflation concerns. Despite the volatility, investors remain on edge, closely tracking key US economic indicators, such as employment data, retail sales, and manufacturing figures, which could shape growth and inflation outlooks, as well as influence the Federal Reserve’s next policy moves.

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