CommoditiesMediumUpdated×6•Originally published 6 May 2026•Updated 8 May 2026•
1 min read
Gold Tops $4,770 as Oil Tumbles 8% on Hopes of US-Iran De-escalation
Key Facts
1Gold on COMEX breached the $4,700 per ounce level for the first time since April 24.
2Oil prices tumbled more than 8% on Wednesday amid hopes of an end to the US-Iran war.
3Silver prices surged more than 6% to above $78 per ounce.
Gold prices remain near two-week highs above $4,770 per ounce, despite COMEX gold futures closing $6 lower on Thursday. The precious metal remains on track for a weekly advance, primarily driven by easing inflation concerns and sustained buying momentum. This consolidation occurs as oil prices tumbled 8% on geopolitical de-escalation hopes, prompting a capital rotation into the metals sector. Market participants are now shifting their focus toward the upcoming U.S. Non-Farm Payrolls (NFP) data to gauge the future path of monetary policy. Analysts suggest that gold continues to behave as a high-volatility risk asset, sensitive to both U.S. Dollar fluctuations and shifting interest rate expectations.