On May 4, 2026, gold and silver rates experienced a significant sell-off, with gold prices falling nearly 2.30% to around $4,535 per ounce and silver dropping nearly 5% to approximately $72.60 per ounce. This decline is attributed to escalating tensions in the US-Iran conflict, particularly following Iran's missile strikes on a US warship near the Strait of Hormuz. As crude oil prices surged—WTI crude rising over 5% to $107 per barrel and Brent crude nearing $120 per barrel—investors reacted by booking profits in the precious metals market. Analysts suggest that the ongoing geopolitical instability and rising energy costs may compel central banks to maintain elevated interest rates, further pressuring gold and silver prices. Current projections indicate that gold may trade between $4,500 and $4,600 per ounce, while silver could fluctuate within a range of $68 to $78 per ounce in the international market. The situation remains fluid, with market experts advising caution as volatility is expected to persist.