In the domestic market, April gold futures on MCX jumped ₹2,674 per 10 grams to hit an intraday high of ₹1,53,435.AI Quick ReadGold and silver continued to trade higher for the fourth straight session on Wednesday, 1 April, as safe-haven demand remained intact amid hopes that the US–Iran conflict could end soon and a softening US dollar.
May silver futures on COMEX gained $1 to hit an intraday high of $75.95 per troy ounce, while April gold futures also extended gains, rising $113 to an intraday high of $4,791 per troy ounce.
Safe-haven assets, which had largely been ignored by investors since the beginning of the US–Iran conflict due to fears that higher energy prices could prompt central banks to raise interest rates, have recently seen renewed interest following US President Donald Trump’s remarks suggesting a potential end to the war.
The drop in the US dollar has also aided gains, with the dollar index falling to 99.5 in today’s trade, retreating further from the 10-month high of 100.5 touched on Monday. Last month, the dollar index had gained 2.3% as investors sought the safe-haven asset amid fears of a prolonged war.
Meanwhile, US President Donald Trump said he would consider halting attacks on Iran only when the Strait of Hormuz is reopened.
Iran’s “new regime president” has asked the US for a ceasefire, Trump said in a social media post on Wednesday, possibly referring to comments by Masoud Pezeshkian, who said the Islamic Republic has “the necessary will” to end the war under certain guarantees.
“We will consider when the Hormuz Strait is open, free, and clear,” Trump said. “Until then, we are blasting Iran into oblivion.”
Trump’s comments came a day after he suggested he was keen to exit the conflict sooner rather than later — regardless of a ceasefire or a deal to reopen Hormuz, a vital shipping lane for global energy supplies. “We’ll leave because there’s no reason for us to do this,” he told reporters at the White House.
Earlier, US Defense Secretary Pete Hegseth said the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not reach a deal.
The focus has also shifted to the Strait of Hormuz, which Iran has taken full control of since the beginning of the war, disrupting energy markets and triggering global recession concerns.
Last week, Trump said the US is “in serious discussions with a new, and more reasonable, regime to end our military operations in Iran,” adding that “great progress has been made.” However, Tehran has publicly denied any negotiations with the US, though it admitted receiving a 15-point plan from Washington to end the war.
As ceasefire hopes continued to fluctuate, they have capped the upside in precious metals, with spot gold and silver falling 11.65% and 20%, respectively, in March.
In the domestic market, April gold futures on MCX jumped ₹2,674 per 10 grams to hit an intraday high of ₹1,53,435, extending gains for the fourth straight session and taking cumulative gains to ₹13,942 based on today’s high.
Silver prices on MCX rose ₹1,738 per kilogram to reach an intraday high of ₹2,42,630
(With inputs from Bloomberg)
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.
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He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom.
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During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles.
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He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements.
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His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.