April 21, 2026

Market Overview 15-04-2026 to 21-04-2026

Precious metals market – a wait-and-see mood

Over the past week, the main precious metals markets were dominated by a wait-and-see sentiment. Amid expectations of greater clarity and progress in the geopolitical negotiation sphere, as well as differing opinions regarding central banks’ interest rate hikes, investors in precious metals are in no rush either to increase their holdings or to close existing positions.

The global gold price recorded very minor changes from April 15 to April 21. On April 21, the price reached USD 4,781 per troy ounce. The average gold price in April stands at USD 4,761 per troy ounce.

The stagnation in gold prices is partly influenced by the uncertain geopolitical situation in the Middle East. Although tensions and the risk of escalation remain in the region, it has been reported that a second round of talks between the US and Iranian delegations will take place this Wednesday in Islamabad. It is also reported that the US will be represented in the negotiations by Vice President JD Vance and other high-ranking US officials.

While news about a new round of negotiations brings some optimism, markets are not reacting too actively. US President Donald Trump stated that he does not intend to extend the current truce if no agreement between the US and Iran is reached by its expiration. The US President also hinted that the Strait of Hormuz would remain closed until a successful agreement between the US and Iran is achieved.

The global silver price also changed only slightly from April 15 to April 21. On April 21, silver reached USD 78.72 per troy ounce. The average silver price in April stands at USD 78.08 per troy ounce.

Silver price stagnation is also influenced by the highly complex situation in the global energy market and uncertainty about its future. With the outbreak of the US–Iran–Israel conflict and intensified attacks in the Middle East, oil prices surged sharply to record highs. Fearing high inflation and a potential economic crisis, central banks across various countries began discussing possible interest rate increases.

However, these discussions have recently taken on a different tone. As global sentiment turns more optimistic regarding a potential US–Iran truce and progress in negotiations, central bank representatives are adopting a more moderate stance on potential rate hikes in the near term

After the People’s Bank of China kept benchmark lending rates unchanged, comments from European Central Bank officials suggest that interest rates in the eurozone are unlikely to be raised in the near future. Meanwhile, in the US market, there are growing comments suggesting that the sooner the Iran conflict is resolved, the sooner the Federal Reserve may consider returning to interest rate cuts.

If US–Iran negotiations develop favourably, a diplomatic agreement could encourage the Fed to reduce interest rates. Such a scenario could be favourable for the growth of dollar-denominated precious metals prices (gold, silver, etc.). However, investors are still not rushing to react strongly to either optimistic or pessimistic signals. The situation in the Middle East remains highly unstable.

The global palladium price recorded a slight decline from April 15 to April 21. On April 21, palladium reached USD 1,555 per troy ounce. The average palladium price in April stands at USD 1,538 per troy ounce.

The global platinum price fell by more than 2% from April 15 to April 21, reaching USD 2,067 per troy ounce. The average platinum price in April stands at USD 2,046 per troy ounce.

The global copper price remained almost unchanged from April 15 to April 21. On April 21, copper stood at USD 13,277 per tonne.