April 28, 2026

Market Overview 22-04-2026 to 28-04-2026

Precious metals market – moderate price decline

Last week, the main precious metals markets recorded clearer price declines. The cautious investor approach towards precious metals is related both to contradictory signals regarding the monetary policy of central banks and to news and progress in the sphere of geopolitical negotiations.

The global gold price declined by more than 2.4% from April 22 to April 28 and reached USD 4621 per troy ounce. The average gold price in April stands at USD 4751 per troy ounce.

Investor moderation towards gold is being strongly influenced by the latest developments in the US-Iran negotiations. Although no clear agreement has yet been reached between these governments, US President Donald Trump decided to extend the US-Iran ceasefire indefinitely.

Precious metals investors also evaluated the latest Iranian proposal to end the war; it includes such points as the reopening of the Strait of Hormuz and the lifting of the US blockade on Iran. However, according to this negotiation plan, discussions regarding Iran’s nuclear programme would be postponed.

The global silver price declined by more than 5.7% from April 22 to April 28 and reached USD 73.2 per troy ounce. The average silver price in April stands at USD 76.2 per troy ounce.

The global palladium price declined by more than 6.5% from April 22 to April 28 and reached USD 1447 per troy ounce. The average palladium price in April stands at USD 1531 per troy ounce.

The global platinum price declined by more than 5.9% from April 22 to April 28 and reached USD 1953 per troy ounce. The average platinum price in April stands at USD 2043 per troy ounce.

The prevailing downward trend in platinum prices recently can be explained not only by observing the impact of the US-Iran crisis on the market and analysing the unlikely reduction of interest rates by the Federal Reserve System. Significant growth in platinum production is also being observed in some of the more important extraction regions of this metal.

A strong start to 2026 was reported by South African mining company Valterra Platinum. According to the provided data, the company’s total refined platinum group metals (PGM) production increased by 78% in the first quarter of this year (compared to the first quarter of 2025) and reached 778,500 troy ounces.

Another South African mining company, Eastern Platinum, also reported a record (more than threefold) increase in platinum group metals production in 2025 compared with 2024 production volumes.

Despite the recent corrections in platinum prices, experts and analysts still forecast a fairly successful 2026 for this precious metal. Specialists at Bank of America predicted at the beginning of the year that platinum prices could reach USD 2450 per troy ounce in 2026. This forecast is undoubtedly also related to the prolonged platinum deficit in the market. It is forecast that the global platinum deficit in 2026 will reach 240 thousand troy ounces.

The global copper price declined by more than 2.6% from April 22 to April 28 and reached USD 13,106 per tonne.