Gold Price Drops to $4,700/oz as SPDR Gold Trust Sells Off – Gold Market Update

Gold Price Movement Amid Middle East Ceasefire Agreement

The gold price fell fast to nearly $4,700 per ounce. It had jumped to close to $4,850 per ounce on April 8, 2026. A ceasefire between the US and Iran calmed the region. This calm raised the price briefly. By the end of the day, the price fell by about $130 to settle at $4,720.9 per ounce.
Silver moved up too. Its spot value grew by 1.5% to reach $74.25 per ounce. COMEX futures for June gold climbed 2% to hit $4,777.2 per ounce.

Influence of Safe-Haven Demand, Oil Prices, and the US Dollar

A drop in conflict fears cut worries about high energy costs. WTI crude oil fell by more than 16%. This drop eased the stress over a long rise in prices and high rates. The US Dollar index slipped 0.86% to 99 points. A lower oil price helped gold, which is priced in dollars.

SPDR Gold Trust’s Net Selling and Central Bank Dynamics

Sales increased soon after the price jump. The SPDR Gold Trust sold around 1.4 metric tons. Its total now sits near 1,053 tons. Some central banks, such as Turkey’s, sold gold to support their currency. This action pushed market pressure lower.

Macroeconomic Backdrop: Inflation, Fed Policy, and Market Sentiment

The Fed minutes from March 17-18 show policymakers may raise rates again. Prices keep a steady pace above the 2% goal. A rising energy cost had once lifted prices. The ceasefire will last two weeks. Some reports say the agreement has been broken. Brent crude stayed near $125 per barrel. These signals add risk to the market. Investors now see both promise and threat.

Conclusion: Mixed Signals Drive Gold Investing Activity

Recent gold news shows a mix of events that change market moves. A truce sparked a fast rise in prices and a weaker US Dollar. Sales by major funds and concerns over high prices soon slowed gains. Prices bounced throughout the day, and investors watch every sign.

Key Points:

• Gold prices dropped to about $4,700/oz after touching above $4,850/oz.
• The SPDR Gold Trust cut its holdings to around 1,053 tons after selling about 1.4 metric tons.
• A truce between the US and Iran eased tensions; oil prices fell sharply.
• High prices and Fed hints on further rate hikes press gold downward.
• Central banks, including Turkey’s, sold gold to back their currencies.
• Mixed signals from the market put pressure on gold’s safe-haven role.

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