AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

5/5/2026: Gold gains on bargain-hunting

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.8% to close near $4,556 on bargain-hunting as oil prices and Treasury yields slipped on muted hopes that the Middle East ceasefire is unbroken. Silver edged up less than 0.1% to finish at $73.11 an ounce.

One day after the US and Iran exchanged fire in the Strait of Hormuz, prompting President Trump to threaten to blow Iran "off the face of the Earth," the delicate ceasefire between the two nations is holding, according to US Defense Secretary Pete Hesgeth.

Wall Street ran with suggestion, however tenuous, lifting the Dow and S&P 500 by 0.6% and 0.9% while the tech-heavy Nasdaq rose 1% on AI growth.

US benchmark WTI crude fell 4.1% to $102 per barrel on hopes that the Strait could soon reopen, returning 20% of the world's oil supply to the market and easing inflation pressures stemming from the biggest energy-shock in a generation.

Benchmark 10-Year Treasury yields and the dollar both edged down on the shifting inflation optimism, bringing bargain-hunters back to the gold market after bullion slipped to a one-month low yesterday.

Lower yields lift gold by decreasing the opportunity cost for holding it instead of bonds for safety. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Platinum and palladium rose 0.5% and 2.1%, respectively.

At the New York spot close: gold gained $36.30 to $4,555.80; silver added 4 cents, to $73.11; platinum rose $10.70 to $1,964.45; and palladium picked up $31.45 to $1,507.10 an ounce.