Gold, Silver, And Oil Prices Have Plummeted!

International oil prices fell significantly on the 24th, driven by improved transit conditions in the Strait of Hormuz.

During intraday trading on the 24th, the price of New York crude oil futures dropped below $70 per barrel-hitting its lowest level since March 2 and returning to where it stood before the outbreak of hostilities involving Iran-while London Brent crude futures fell below $75 per barrel, marking the first time this has occurred since the conflict involving the U.S., Israel, and Iran began.

Analysts point out that the primary reason for the pullback in oil prices is a significant easing of market concerns regarding potential supply disruptions in the Strait of Hormuz. Although differences remain in the negotiations between the U.S. and Iran-and the talks are expected to be protracted-the market has begun to price in the anticipation of reduced geopolitical risk, shifting its focus from supply disruptions to the resumption of supplies.

International gold and silver prices plummeted on the 24th.

Meanwhile, international gold futures fell nearly 4% at one point during intraday trading on the 24th, while international spot gold prices dropped more than 3%; both fell below the $4,000-per-ounce mark, hitting their lowest levels since early November 2025. Since reaching a record high of approximately $5,600 per ounce in late January of this year, both international gold futures and spot prices have experienced a cumulative pullback of more than 25%.

Additionally, the price of international spot silver fell by more than 9% at one point during intraday trading on the 24th, dropping below the $60-per-ounce mark. Since hitting a record high of approximately $121 per ounce in late January of this year, the price has retraced by about 50%.

Analysts point out that the primary drivers behind the current correction in precious metal prices are shifting expectations regarding Federal Reserve policy, the continued strengthening of the US Dollar Index, and a marked cooling of safe-haven demand; the core logic that previously supported the upward trend in precious metal prices is facing a substantial challenge. Although oil prices have recently retreated as ceasefire negotiations between the US and Iran progress, market concerns that inflation might compel the Federal Reserve to maintain higher interest rates have not fully dissipated. Meanwhile, the newly appointed Fed Chair, Warsh, signaled a distinctly hawkish stance during his first policy meeting. The market is currently reassessing the likelihood of a Federal Reserve rate hike before the end of the year.