On April 17, 2023, precious metals experienced significant gains as gold futures climbed by $109 per troy ounce to reach $4,917, while silver futures surged $4.53 to $83.24. This rally followed Iran's announcement that the Strait of Hormuz, a crucial oil shipping route, was reopened, alleviating some inflation concerns and improving sentiment towards safe-haven assets. Both gold and silver are set for their fourth consecutive weekly gains, with gold rising 7.5% and silver 19.5% over this period. The decline of the US dollar to 93.6, its lowest level in six weeks, has made these commodities more attractive to foreign investors. The geopolitical situation has played a pivotal role, with Iran's Foreign Minister Abbas Araghchi confirming the strait's reopening amid a ceasefire in Lebanon, while former President Donald Trump noted that US naval blockades would remain until a deal is reached. The easing of inflation fears could prompt the Federal Reserve to consider rate cuts, further supporting the precious metals market. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) gained ₹2,348 per 10 grams, reaching a high of ₹1,55,500, while silver prices hit ₹2,61,750 per kilogram, marking significant monthly gains for both metals.