Price pressure on gold, silver as oil down, stocks up

Gold and silver are under pressure in early US trading Monday as risk appetite improves and crude oil pulls back from overnight highs. April gold was last down $38.30 to $5,022.90/oz, while May silver fell $1.98 to $79.375/oz, with selling attributed to firmer equity index tone and softer energy. Geopolitical headlines remain the dominant macro overlay, with the article citing an escalating Iran conflict and intensifying focus on the Strait of Hormuz. The report also notes the Trump administration has begun the process for a large Strategic Petroleum Reserve exchange (86mb request; part of a 172mb release announced last week, within a broader 400mb coordinated effort), which is helping cap oil despite elevated war-risk premiums. Cross-asset signals are mixed for metals near term: the USD index is lower (normally supportive), but easing crude (around $97.50/bbl) and a rebound in stocks are reducing immediate safe-haven demand; US 10y yields are referenced at 4.265%, a continued headwind for non-yielding metals if rates stay firm. Key near-term catalysts are additional Hormuz/shipping developments and the pace/market impact of emergency crude releases into end-week, which could swing inflation hedging demand back toward bullion if energy re-accelerates.