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Global gold prices fell sharply in Tuesday trading (April 21), approaching the $4,700/oz level as crude oil and the U.S. dollar strengthened. Investors’ sentiment in the precious metals market remained volatile while they awaited further developments in the US-Iran conflict and monitored the Senate Banking Committee hearing for Federal Reserve chair candidate Kevin Warsh.
At the close, spot gold in New York settled at $4,721.10/oz, down $100.50 from the previous session—about a 2.1% decline, according to Kitco data. Spot silver ended at $76.79/oz, down $3.06, a drop of more than 3.8%.
On the COMEX futures market, gold for June 2026 delivery fell 2.3%, settling at $4,719.60/oz.
The risk environment around the US-Iran conflict remained uncertain, encouraging a “wait-and-see” approach among traders. Reports said that on April 21, President Donald Trump extended a two-week ceasefire with Iran that was set to expire at midnight on April 21, U.S. time.
Trump said the extension was necessary because Tehran’s government was “suffering from severe divisions.” He added that the ceasefire would be maintained until Iran presented a “unified proposal” to end the war between Iran and the United States and Israel.
Earlier that day, in an interview with CNBC, Trump said he would not extend the ceasefire with Iran. Separately, reports said that deputy president JD Vance’s planned trip to Pakistan to conduct a second round of peace talks with Iran was postponed. Iran’s Tasnim news agency reported that Tehran told Washington via Pakistan that they would not attend the talks.
These developments pushed crude oil prices and the U.S. dollar higher on Tuesday before Trump announced the ceasefire extension. Brent and WTI crude prices rose more than 3% on the session, while the Dollar Index rose more than 0.3%, closing at 98.41.
Reflecting expectations that the Fed will hold rates higher for longer, the U.S. 10-year Treasury yield rose more than 6 basis points to 4.313%.
“Rising yields and a stronger dollar are weighing on gold. At the same time, there is too much conflicting news and signals about Iran, lifting energy prices, which puts downward pressure on the precious metals market,” said Bob Haberkorn, senior strategist at RJO Futures, in an interview with Reuters.
Investors also focused on Warsh’s Senate Banking Committee hearing, described as a step toward Senate confirmation for him to lead the world’s most powerful central bank. During the hearing, Warsh said he did not promise Trump any rate cuts and called for a “regime change” at the Fed, including adopting a new approach to inflation control and reforming how the Fed communicates with the public.
“Traders will pore over Warsh's remarks in this hearing, and gold will remain volatile,” Haberkorn commented.
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