Gold futures found near-term support around $4,800 as the dollar dropped to a six-week low amid ongoing U.S. and Iran diplomatic developments ahead of an April 21 ceasefire deadline. Meanwhile, interest rate expectations remain a focal point, with the CME FedWatch Tool indicating a 98.4% probability of the Federal Reserve leaving rates unchanged at the April 29 meeting. Looking further ahead, probabilities for a 25 bps rate cut sit at 13.8% for September. Industrial metals showcased strength, with Copper futures holding above $6 a pound, driven by structural demand from artificial intelligence data centers and post-conflict infrastructure rebuilding. Silver futures also gained traction, pushing through $80 an ounce. This movement reflects a combination of safe-haven flows and sustained industrial demand from the green energy sector, specifically for solar panels and EV charging systems, while the gold-silver ratio currently sits at 61 to 1.