On April 16, international precious metals and energy markets moved in opposite directions. Spot gold rose 0.71% to $$4,824.87 per ounce, breaking through $$4,800, $$4,810 and$$4,820 consecutively to hit a record high. Spot silver gained 1.08% to $$79.79 per ounce, staying at high levels. The crude oil market corrected: ICE Brent crude fell 0.36% to$$94.59 per barrel, and WTI crude dropped 0.67% to $87.54 per barrel.

Gold’s rally was driven by a weaker U.S. dollar, rising Fed rate-cut expectations and geopolitical uncertainties supporting safe-haven demand. Morgan Stanley predicted gold could reach $4,800 per ounce in the fourth quarter of 2026. Silver inventories are low, with rising supply risks. Crude oil retreated as U.S.-Iran talks resumed, with expectations of restored shipping through the Strait of Hormuz reducing risk premiums.

In the domestic market, non-ferrous metals strengthened, with Shanghai copper and aluminum fluctuating upward. Analysts noted growing divergence among commodities: precious metals like gold and silver are favored by capital for their safe-haven and anti-inflation properties, while energy products face high volatility due to geopolitics and supply-demand dynamics. Investors may focus on the precious metal industrial chain and new energy upstream non-ferrous sectors, while cautioning against crude oil price fluctuations.