Markets moved sharply toward risk on April 15 as hopes for renewed U.S.-Iran diplomacy lifted equities, knocked back gold, and helped bitcoin stay near recent highs. The S&P 500 closed at a record 7,022.95, while the Nasdaq Composite rose 1.59% to 24,016.02, its 11th straight daily gain. Gold lost ground as safe-haven demand cooled, settling near $4,791 per ounce, and bitcoin held around $74,175.
Gold Pulls Back While Silver Advances
COMEX gold climbed as high as $4,871.51 intraday before reversing lower, ending the day down about 1.05%. Traders cut defensive positions as optimism built around possible U.S.-Iran renegotiations and a potential extension of the ceasefire, easing concern over oil flows through the Strait of Hormuz. A weaker U.S. dollar, trading near a six-week low, offered some support, but profit-taking and the shift in risk appetite set the tone. Analysts cited $4,900 as a level that would need to hold for the uptrend to continue.
Silver moved the other way. It rose about 1.6% to close near $80.87 per ounce, supported by industrial demand expectations and dollar weakness, with intraday trading largely holding between $79 and above $80.
Tech Leads as U.S. Stocks Finish Mixed
The major U.S. indexes did not move in the same direction. The S&P 500 gained 0.80% and posted its first record closing high since late January. Buying was broad across the market, though energy and industrial shares lagged as oil prices declined.
The Nasdaq led the session, with technology stocks carrying the move from open to close and extending the index’s winning streak to 11 sessions. The Dow Jones Industrial Average slipped 0.15% to 48,463.72, weighed down by cyclical names tied to energy and industrial activity.
Treasury Yield Eases but Rate Cuts Stay Limited
The 10-year U.S. Treasury yield opened at 4.242% on April 15, down from levels near 4.34% seen earlier in April. The move came after March CPI data showed a monthly increase of 0.9%, the largest since June 2022, pushing the annual inflation rate to 3.3%. Core inflation was softer than the headline number, but energy-related price pressure kept expectations for policy easing restrained.
Fed funds futures and CME FedWatch continued to reflect a higher-for-longer outlook, with markets pricing the Federal Reserve to stay on hold at 3.5% to 3.75% through May. Uncertainty tied to Federal Reserve Chair Jerome Powell’s planned exit added caution to the rate outlook.
Bitcoin Holds Support as Spot ETF Inflows Continue
Bitcoin opened near $74,175, down about 0.4% on the day, yet remained above key support. The asset has gained roughly 12.3% since geopolitical tensions escalated earlier in the month, supported by continued institutional demand through spot ETFs. The market is still watching $75,000 and $76,000 as firm resistance levels.
Ongoing spot ETF demand continued to provide a structural bid for bitcoin, and purchases by companies such as Strategy helped limit the effect of Iran-related headlines. For now, traders across asset classes remain sensitive to any reversal in ceasefire talks or to fresh energy shocks that could revive inflation pressure and safe-haven buying.