On April 23, 2023, gold and silver prices experienced significant declines as geopolitical tensions in the Strait of Hormuz escalated. COMEX gold futures fell by $52 to an intraday low of $4,672 per troy ounce, while silver futures dropped $1.60 to $73.84. The decline followed a week of optimism regarding potential peace talks involving Iran, which quickly faded due to a deadlock between the US and Iran. Reports indicated that Iran's top diplomat might visit Pakistan for discussions, but Iran has not confirmed participation in negotiations amid ongoing US naval blockades. This uncertainty has contributed to rising crude oil prices, which have increased by approximately 18%, further fueling inflation concerns. As a result, both gold and silver are poised for their first weekly decline after four consecutive weeks of gains, with gold futures on the Multi Commodity Exchange (MCX) slipping ₹1,011 to ₹1,50,750 per 10 grams, and silver futures decreasing by ₹3,222 to ₹2,38,291 per kilogram.