On April 23, 2023, gold and silver prices experienced significant declines as inflation fears resurfaced, driven by a rebound in crude oil prices and a strengthening US dollar. COMEX gold futures fell by $53 to reach an intraday low of $4,700 per troy ounce, while silver futures dropped $3.70 to $74.23. The optimism that began the week regarding peace in the Middle East waned, contributing to the decline in precious metals. Crude oil prices have risen for four consecutive sessions, raising concerns over inflation as diplomatic efforts between the US and Iran stagnate. The US dollar's strength made dollar-denominated gold and silver less appealing to investors, compounded by rising US Treasury yields, which increased the opportunity cost of holding non-yielding assets. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) fell by ₹1,206 to ₹1,51,451 per 10 grams, marking its lowest level since April 13. Silver futures also saw a sharp decline, dropping ₹8,764 to ₹2,39,600 per kilogram, a level not seen in two weeks.