Ceasefire Rallies Gold, But Oil Uncertainty Keeps Markets on Edge
April 24, 2026Good evening ladies and gentlemen, welcome back to The Australian Gold Mid-Weekly Review! Every Thursday, we knock on your mailbox to deliver the latest insights into the precious metals and mining market. And while last week kept us on our toes, this week's price action is telling a slightly different story.
Gold is currently trading at US$4,740/oz following the announcement of a ceasefire extension by President Trump. Silver, meanwhile, sits at US$75/oz, largely tracking gold's direction without any major independent catalyst of its own.
Oil, however, is where things get interesting. Prices are currently at US$92.59/bbl, and unlike gold, the uncertainty here is far from resolved. Markets continue to grapple with the timing of a potential reopening of the Strait of Hormuz, with the ongoing US blockade and Iran's closure keeping supply concerns firmly in play. Until there is clarity, volatility in oil is likely to stay here.
And then we have the ASX-All Ordinaries Gold Index, currently at 18,383.39 points, marking roughly a 200-point decline since Friday. At first glance, this may seem counterintuitive given where gold prices are sitting. However, as we discussed in our most recent weekly review with Brian, the relationship between gold prices and gold equities isn't always linear, particularly in the short term. For those looking for a deeper explanation of this divergence, we highly recommend revisiting that discussion here
And that's it! Thank you so much for dropping by The Australian Gold Mid-Weekly Review. As always, we continue to monitor these developments closely, refining our views and positioning accordingly. For a more detailed breakdown of where we see things heading, stay tuned for our weekly wrap-up with Brian. Till then, see you next Thursday!
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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