Gold & Silver Fall on U.S. Naval Ship Firing at Iranian Vessel

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On Saturday, Iran closed the Strait of Hormuz and fired on two ships. Iran is saying the Strait will remain closed until the U.S. stops the boycott of Iranian oil ports.
Then, on Sunday, a US naval ship fired on an Iranian-flagged vessel violating the blockade and took control of the vessel. Late Sunday, Iran vowed retaliation because of the seizure of their vessel. These events led Gold to drop $80, while oil and the U.S. Dollar rallied at the start of trading on Sunday.

The U.S.-Iran ceasefire is scheduled to end this Wednesday, and Iran hasn’t confirmed any meeting scheduled for this week. However, there are reports from the Trump administration that Vice President Vance is heading to Pakistan on Tuesday.

Sunday afternoon, the Gold market opened at $4,635 per ounce, down $115 as the U.S. dollar rallied on news that there was no agreement at the Pakistan peace talks. By the time the Chinese Gold market opened, Gold had rallied $70 per ounce.

Key Economic data to watch this week:

• April 21, Tuesday: March U.S. retail sales
• April 23, Thursday: April Initial Jobless Claims
• April 24, Friday: April Consumer Sentiment

Today: Gold reached a low of $4,736 in early overseas trading last night, then rallied to $4,800 in London and U.S. trading. A strong U.S. Dollar, higher Oil prices, and the Iranian situation is keeping the Gold prices down.

Silver fell with Gold on the news of the seized Iranian vessel, reaching a low of $78.53, down $2.37 before finding buyers.

Today: Silver rallied back to the $79 to $80 per ounce area in overseas trading last night.

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