Gold and silver have started the new week without much recovery, while the relatively stronger performance in platinum and palladium stands out. Gold is trading at $4,692, up 0.34%, while silver is at $72.95, down 0.05%. Platinum is trading at $1,995, up 0.89%, and palladium at $1,515, up 0.94%. In such an environment, the market is still refraining from a broad safe-haven move; instead, it is pricing each metal according to its own dynamics.

The strong US employment data, elevated oil prices, and the stronger dollar that has followed continue to weigh on precious metals. That is also why gold has failed to receive the level of support one would normally expect despite persistently high geopolitical risk. The market is pricing not the conflict itself, but rather the inflationary and interest rate consequences this process may create.

Trump’s decision to extend the deadline given to Iran until April 8, together with ongoing ceasefire-related discussions around the Strait of Hormuz, is also preventing the pricing from shifting into a one-way panic mode. While oil remains elevated, precious metals are showing a more selective and cautious pattern. Pressure on silver has not fully disappeared, but the pace of the decline appears to have slowed somewhat.

Platinum and palladium, on the other hand, look relatively stronger today. This can be attributed to supply-related concerns and the specific market conditions affecting these two metals. In platinum, expectations of a supply deficit are supportive, while in palladium, geopolitical developments are helping to underpin prices.