On May 1, 2026, gold and silver prices experienced a notable recovery, with COMEX gold futures rising by $44 to $4,673 and silver futures increasing by $3.52 to $77.52. This surge is attributed to renewed hopes for a peace deal concerning the ongoing Iran conflict, which has implications for global energy prices and inflation. The situation remains volatile as both Iran and the United States await each other's moves regarding negotiations. The geopolitical tensions have led to rising energy prices, pushing Brent crude oil to a four-year high and contributing to increased inflation rates in the US, which reached 3.5% in March 2026. The higher energy costs are prompting central banks to consider maintaining elevated interest rates, which could pressure non-yielding assets like gold. In the Indian market, MCX gold futures rose by ₹1,097 to touch ₹1,52,208, while silver futures gained ₹9,764 per kilogram, reaching ₹2,54,220. This upward trend has turned silver's weekly return positive at 2.50%.