Gold, silver sharply up on safe-haven bids, weaker USDX

Gold and silver surged sharply in Tuesday midday trade on safe-haven demand tied to heightened uncertainty around the Iran war and a weaker U.S. dollar. April gold was last up $115.80 to $5,217.20, while May silver rose $5.087 to $89.59. Geopolitical headlines drove risk premia: President Trump suggested Monday the U.S./Israel campaign against Iran could end “very soon,” but later said it could drag on; Defense Secretary Hegseth said Tuesday would bring the heaviest bombing yet. The article frames the conflict as “very fluid,” noting Iran continues missile launches across the region, albeit at a diminishing rate. Outside markets were broadly supportive for precious metals: the USD index was lower, while Nymex crude fell sharply to around $84/bbl after spiking near $120 early Monday; U.S. 10y yields were around 4.1%. From a technical standpoint, April gold resistance is flagged at $5,250 then $5,300, with a larger bull objective to close above last week’s $5,434.10; support is seen at $5,127.10 then $5,100, with bears targeting a break below $5,000. In silver, resistance is $90.385 then $92.50 with a bull objective above $95.86; support is $86.805 then $85, with bears targeting $71.815. Near-term catalysts are continued Iran-war headlines (escalation vs ceasefire signals), USD direction, and energy-price volatility feeding cross-asset risk sentiment. A rapid de-escalation could fade safe-haven bids (especially with oil off the highs), while further escalation or broader regional spillover would likely keep dips supported and volatility elevated.