On April 28, 2023, gold and silver prices experienced significant declines due to rising crude oil prices and concerns over inflation. COMEX gold futures dropped $125 per troy ounce to an intraday low of $4,681, marking a 1.92% decrease in month-to-date returns. Silver futures also fell by $3.1 to $71.92, representing a 14% decline from its recent high. The ongoing tensions between the US and Iran have stalled peace negotiations, reviving fears of escalating conflict and energy supply disruptions, which are contributing to inflationary pressures. As a result, the US Federal Reserve is expected to maintain interest rates at its upcoming meeting, impacting the attractiveness of gold as a non-yielding asset. In the Indian market, MCX gold futures fell over ₹3,000, breaking below the ₹1.50 lakh mark for the first time since early April, while silver futures dropped by ₹9,619 per kilogram.