Silver and Gold Jump with Stocks on Trump's 'Stone Age Ceasefire' Claim

Gold and silver jumped to 2-week highs at the start of April as Trump’s comments on Iran sparked a broad risk rebound, a softer dollar, lower crude and a rally in bonds. In the transcript, silver bullion was said to have traded above $75/oz, up 22.7% from last week’s 4-month low, while gold briefly topped $4,760/oz, up 16.0% from its 23 March 4-month low before easing back $25. The move was framed as a reset in macro expectations: ICBC said the Iran-driven energy spike had boosted inflation fears and reduced expected Fed cuts, but a ceasefire scenario could revive rate-cut pricing if weaker employment data adds to the case for easing. MKS Pamp warned that any NFP-related volatility will need careful navigation given thin Easter liquidity. The transcript also noted both GLD and IAU expanded on Tuesday, the first simultaneous increase since 11 February, though only modestly, suggesting ETF demand is stabilizing off recent lows. For desks, the key near-term driver is whether Middle East de-escalation keeps pressure on oil and Treasury yields, reinforcing the bid in precious metals through real-rate and dollar channels. Watch today’s ISM, the delayed NFP release on Good Friday, and any confirmation that bond yields continue to back away from Friday’s highs; those will determine whether the current rally extends beyond a short-covering/geopolitical squeeze.