Gold and silver prices experienced significant declines today due to escalating tensions from the US-Iran conflict. The price of gold fell by up to 2.2%, dropping below $4,650 per ounce, while silver prices decreased by 3.29%, settling at $74 per ounce. The downturn follows the failure of ceasefire talks between the US and Iran, prompting the US military to announce a blockade of the Strait of Hormuz, a vital route for global oil supply. Brent crude oil prices surged by 8.4% to $103.24 a barrel, raising inflation concerns that could affect central bank monetary policies. March saw the fastest inflation increase in nearly four years in the US, largely driven by soaring gasoline prices. Analysts suggest that while precious metals are under pressure now, there are signs of potential stabilization as safe-haven demand may increase amid ongoing geopolitical uncertainties.