Gold, Silver Gain After Fed Decision as Dollar Falls

Gold and silver rose on Thursday, April 30, 2026, after the Federal Reserve released its policy decision. A weaker U.S. dollar and lower crude oil prices supported intraday gains in XAU/USD and XAG/USD.

The dollar’s decline made dollar-priced commodities cheaper for holders of other currencies. Crude oil eased during the session, which reduced pressure on risk assets and allowed safe-haven metals to recover earlier losses.

Both metals had traded in a narrow, choppy range for weeks, with repeated sell-offs met by buying that prevented a sustained downtrend. Market participants attributed that pattern to uncertainty about metals’ roles at current price levels.

Geopolitical developments added to market uncertainty. U.S.-Iran diplomatic talks remained stalled, and President Trump indicated he was open to maintaining an extended maritime blockade intended to squeeze Iran’s economy. Conflicting statements from Israel and Pakistan were also reported.

Global central banks largely kept defensive policy settings after recent meetings, and that stance limited clear direction in markets.

Energy prices remained a key variable for metals. Traders pointed to crude oil above roughly $80 a barrel as supporting expectations of energy-driven inflation and higher interest-rate expectations, which can weigh on precious metals. A sustained drop in the dollar would remove one headwind for the sector.

Technical levels for gold include recent support near $4,500 and intraday resistance around $4,685-$4,700, where the four-hour 50- and 200-period moving averages converge. A decisive break above $4,700 would place subsequent resistance at $4,850-$4,900 and $5,100. Downside levels to watch include $4,485 and the $4,325-$4,400 zone.

Silver found support just above $70 and met resistance near the four-hour 200-period moving average at about $74.80. A sustained move above $74.80 would bring $79-$79.50 and $84 into view. A break below $61 would expose lower levels near $50-$55. The current record high is about $121.67.

Traders said policy headlines, dollar swings and oil prices remain the main drivers while key technical thresholds will help define the next directional leg for gold and silver.