On April 27, global commodity markets experienced sharp fluctuations driven by geopolitical tensions in the Middle East and changes in market expectations. In the gold market, spot gold fell below $4,690 per ounce intraday, with a drop of 0.40%, and then further declined to $4,680 per ounce, expanding the intraday drop to 0.64%. New York gold futures also came under pressure, successively falling below $4,720 per ounce (intraday drop of 0.46%), $4,700 per ounce (intraday drop of 0.88%), and finally breaking below $4,690 per ounce, with an intraday drop of 1.07%.

Analysts believe that the decline in gold prices is mainly due to the easing of market risk aversion as the United States and Iran conduct indirect negotiations, which has reduced the demand for gold as a safe-haven asset. In contrast, the crude oil market showed a sharp upward trend. Brent crude oil broke through $101 per barrel, with an intraday increase of 1.90%, and WTI crude oil exceeded $96 per barrel, with an intraday increase of 1.72%. Goldman Sachs raised its forecast for Brent crude oil prices in the fourth quarter of 2026 to $90 per barrel and for West Texas Intermediate crude oil prices to $83 per barrel due to the reduction in Middle East oil production.

The sharp fluctuations in global commodity prices are closely related to the tension in the Middle East. The Strait of Hormuz, a key global oil shipping route, is facing potential shipping disruptions, which has raised market concerns about oil supply shortages, pushing up oil prices. At the same time, the progress of negotiations between the United States and Iran has also affected market risk appetite, leading to changes in the prices of safe-haven assets such as gold.