New York—Gold took a nosedive on April 23, shedding more than 3% in domestic markets, while silver futures pulled off a scrappy 2% gain, defying the gloom. The yellow metal, long a haven for jittery investors, got walloped as Wall Street leaned into a risk-on mood, leaving traders scrambling to make sense of the split in precious metals.
June delivery gold futures cratered to around $3,327 an ounce, down a bruising 2.7% in early trading after hitting a record high just a day earlier on April 22. The slide marked a sharp retreat from gold’s recent tear, which had seen it smash through $3,500 on the CME before settling at $3,383.20. Meanwhile, silver futures for May delivery climbed 1.4%, shrugging off the broader market’s bearish vibes. The gold-to-silver ratio, a closely watched gauge, tightened as silver outperformed its pricier cousin.
The CME Group’s daily settlement data confirmed the rout, with gold dropping $85 from its June close, while silver held near flat. Withdrawals from CME warehouses added another wrinkle—291,000 ounces of gold and 1.2 million ounces of silver pulled out, signaling physical demand might still be simmering beneath the price swings. Equities, meanwhile, roared back after a rough patch, with U.S. markets posting big gains, a move that often spells trouble for gold’s safe-haven allure.
Silver’s resilience caught traders’ attention, with some pointing to industrial demand and tighter supply as potential tailwinds. Unlike gold, which thrives on fear, silver’s dual role as a commodity and store of value gives it a different rhythm. The divergence wasn’t lost on market watchers, who noted the metals’ contrasting paths as a sign of choppy waters ahead.
No official statements from the U.S. Mint or Federal Reserve shed light on the moves, but market data painted a clear picture: gold felt the heat from a buoyant stock market, while silver rode a wave of its own. The numbers don’t lie—gold’s June contract closed at $3,327, down 3.2% from its peak, and silver’s May contract gained 1.4%, settling at a level that kept it in positive territory for the week.