Middle East tensions push gold toward $4,500; silver under $75

Reports that Iran attacked merchant ships and tankers in the Strait of Hormuz and that strikes affected the United Arab Emirates, including incidents in Abu Dhabi and Dubai, moved markets on May 4, 2026. Crude oil and the U.S. dollar rose at the start of the trading week, while gold and silver slipped as metals sold off and energy firms gained.

Silver fell about 5% on the session and traded under $75. Gold moved toward a support area near $4,500. Other industrial and precious metals also weakened: platinum traded below $2,000 and copper pulled back from recent highs near $6 per pound.

Traders increased selling in U.S. Treasuries, with yields rising as oil and supply-chain pressures contributed to renewed inflation concerns. Higher oil prices and those inflation signals pushed market expectations that central banks may keep interest rates higher for longer, a factor that typically makes non-yielding assets such as gold and silver less attractive.

Technical analysis showed gold in a downward channel over the prior week and testing support around $4,500 to $4,550 after rejecting the four-hour 50-period moving average. A break below $4,500 would open a path toward $4,400, followed by the 200-day moving average near $4,280 and earlier lows around $4,100. Short-term resistance for gold was identified in the $4,640–$4,670 area, with stronger barriers at roughly $4,850–$4,900 and $5,100.

Silver has been in a downtrend since mid-April after losing the $74–$75 pivot and key moving averages. Short-term support sits near $70, with a further decline to $63–$64 possible if that level fails; earlier lows near $61 were also noted as a reference. A daily close above $76 would be required to halt the immediate bearish momentum, while a short-term breakout would need a move above $80. Longer-range resistance was placed in the $90–$92 area and the March high near $96.47.

Market analysts highlighted the renewed inverse correlation between oil, the dollar and precious metals, with the stronger dollar and higher oil prices putting downward pressure on metals prices in the current session. Technical charts and intraday levels guided traders’ short-term actions as markets reacted to the widening regional tensions.