Mild price pressure on gold, silver ahead of Iran deadline

Gold and silver are marginally lower in early U.S. trade ahead of the Iran/Strait of Hormuz deadline, with June gold last at $4,673.00 (-$11.20) and May silver at $72.07 (-$0.792). The immediate tape is being driven by Middle East escalation risk versus a firmer dollar and higher Treasury yields, with WTI around $114/bbl reinforcing the inflation/geopolitical backdrop. The more constructive underlying signal is central-bank demand: the PBOC reportedly added about 5 tons of gold in March, extending its buying streak to 17 consecutive months, per World Gold Council-linked data. That contrasts with some selling elsewhere, including Turkey’s central bank, while the WGC estimated net central-bank purchases of 25 tons in the first two months of the year. Poland also stood out, adding 20 tons in February. Technically, gold is still trading in a very elevated range but is consolidating below the next resistance band. June futures face first resistance at $4,750.00, then $4,825.90, with a bullish breakout level at $5,000.00; support comes in at $4,626.20 and $4,580.40, with a deeper bearish trigger below $4,300.00. Near term, the key catalyst is whether the Iran deadline escalates further or de-escalation cools safe-haven demand; a stronger dollar / higher real yields would remain the main headwind to follow-through upside.