Gold, Silver Back Up, Oil Continues Higher amid Uncertainties
April 2, 2026Good evening ladies and gentlemen, and welcome back to The Australian Gold Mid-Weekly Review.
It's been a strong week across the precious metals complex, with gold rallying to approximately US$4,760 per ounce at the time of writing. The move has been sharp and decisive, with prices continuing to push higher as markets digest ongoing developments in relation to Iran and recent commentary from President Trump around a potential US exit from the region.
Silver has followed suit, currently trading at around US$75 per ounce. As we typically see, silver is amplifying the move in gold, continuing to track the broader strength across the complex.
Meanwhile, oil is holding firm at approximately US$100 per barrel, as investors continue to navigate uncertainty surrounding the Strait of Hormuz. Despite shifting headlines, energy markets remain elevated, reflecting the ongoing sensitivity to supply-side risks.
Turning to equities, the response has been particularly strong.
The ASX All Ordinaries Gold Index has climbed to 17,868 points, marking a significant 2,100 point increase since Friday. This is a meaningful move in a short period of time and signals a strong recovery in sentiment across the gold equities space.
Producers have led the way, with names such as Evolution Mining and Northern Star Resources up around 7–8%, beginning to recover after an extended period of being beaten down. This suggests that investors are now starting to reprice the earnings potential of these companies in light of higher gold prices.
Some explorers also led the market today, with Black Bear Minerals, Legacy Mineral Holdings, and Odyssey Gold seeing significant upside on heavy volume. All three displayed clean technical setups, successfully testing and bouncing from key support zones. This suggests that speculative sentiment is coiled, waiting for a stabilisation in the geopolitical environment to return to the broader market. But as always, the key here is to look beyond just the direction of the move.
Because not all gains are created equal.
Some companies are moving purely in line with the gold price, while others are reacting to company-specific developments. And that distinction becomes even more important when viewed through the lens of where each company sits along the mining lifecycle.
Producers tend to move with margins and commodity prices. Developers respond to changes in project economics. Explorers can move independently on drilling results and discoveries, and understanding these differences is critical!
And that's it for this week's mid-week update!
Thank you for tuning in, and as always, we'll continue to bring you timely insights every Thursday to help guide your investment decisions. We look forward to seeing you again this Sunday for the next episode of The Australian Gold Weekly Review!
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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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