Gold Surges $109, Silver $4.53 as Hormuz Reopens

Gold and silver posted sharp single-session gains on April 17 as Iran reopened the Strait of Hormuz, lifting safe-haven demand and easing near-term inflation concerns. Comex gold climbed $109 per ounce to $4,917, while silver surged $4.53 to $83.24 per ounce, marking outsized moves for both metals in a single trading session. The Strait of Hormuz is a critical chokepoint for global oil transit, and its closure had stoked fears of supply disruption and sustained price pressure across energy and commodity markets. The reopening removed an acute geopolitical risk premium that had been embedded in precious metals pricing. Whether the rally holds depends on the durability of the Hormuz situation and broader macro conditions. Traders will watch for follow-through in oil markets, which historically transmit supply-route signals into inflation expectations and, by extension, into gold and silver positioning.