Precious metals sold off broadly Monday, with silver leading losses and gold falling more than 3% since Friday's close, as weekend missile and drone exchanges between the United States and Iran near the Strait of Hormuz sent crude oil sharply higher and triggered a hawkish repricing of Federal Reserve expectations. The resulting rise in the dollar and Treasury yields weighed on every major metal, leaving copper little changed on the session.
| Metal | Closing price | Change (vs Friday close) | Day range |
|---|
| Gold | $3,989.18 / oz | −$132.32 (−3.21%) | $3,987.77 – $4,000.45 |
| Silver | $57.15 / oz | −$3.71 (−6.10%) | $57.15 – $57.58 |
| Platinum | $1,592.64 / oz | −$31.05 (−1.91%) | $1,592.64 – $1,604.63 |
| Palladium | $1,246.98 / oz | −$30.45 (−2.38%) | $1,246.98 – $1,252.90 |
| Copper | $5.69 / lb | — | $5.69 – $5.69 |
The session's dominant driver was geopolitical: fresh missile and drone exchanges between the US and Iran over the weekend, along with renewed threats to commercial shipping near the Strait of Hormuz, according to same-day metals coverage. That escalation pushed global crude oil prices higher by an estimated 3% to 5% as traders priced in the risk of supply disruptions through the key chokepoint, according to metals-market wraps.
The jump in oil quickly fed into inflation expectations. TradingEconomics reported that gold "slipped below $4,100 an ounce" Monday "as renewed missile strikes between the US and Iran drove oil prices higher, fueling expectations of interest-rate hikes to curb inflation." A separate Fed-watch style summary echoed that higher energy costs "renewed macro inflationary anxieties" and pushed markets toward expecting the Fed to hold a restrictive, higher-for-longer stance.
That shift in rate expectations drove the dollar and Treasury yields higher, according to an intraday metals wrap, which described a "surging US Dollar" and "climbing Treasury yields" that "put heavy bearish pressure on the global metals market." Analyst Manav Modi of Motilal Oswal Financial Services said gold was "trading with a bearish bias as geopolitical events weigh on investor sentiment," adding that escalating Middle East tensions and higher oil "strengthen expectations that the US Federal Reserve will maintain a restrictive monetary policy." Indian gold-market coverage similarly attributed the day's decline to anxiety over the Strait of Hormuz, elevated rates, and the stronger dollar diverting safe-haven flows away from bullion and into cash and Treasuries.
Gold closed at $3,989.18 per ounce, down $132.32, or 3.21%, since Friday's close, after trading in a range of $3,987.77 to $4,000.45. The decline tracked the broader narrative of oil-driven inflation fears, a hawkish Fed repricing, and a stronger dollar and Treasury yields, according to metals-market coverage of the session.
Silver fell to $57.15 per ounce, down $3.71, or 6.10%, since Friday's close, with the session's range running from $57.15 to $57.58. Coverage noted silver moving in step with gold on the same US-Iran and oil-driven narrative, with its steeper percentage decline reflecting its higher sensitivity to shifts in macro risk sentiment and rates rather than any silver-specific news.
Platinum settled at $1,592.64 per ounce, down $31.05, or 1.91%, since Friday's close, trading between $1,592.64 and $1,604.63. No platinum-specific supply or demand headlines were cited Monday; the metal moved lower as part of the broader precious-metals repricing tied to the stronger dollar and higher yields.
Palladium closed at $1,246.98 per ounce, down $30.45, or 2.38%, since Friday's close, with a day range of $1,246.98 to $1,252.90. As with platinum, no metal-specific catalysts were reported; palladium's decline reflected the same macro trade of rising rates and dollar strength.
Copper held at $5.69 per pound, trading in a narrow $0.39 to $0.39 per ounce range on the session. Coverage of Monday's trade did not cite any copper-specific supply or demand news, describing the metal's softness, where noted, as consistent with the broader risk-off tone from higher rates and a stronger dollar.
