International oil prices climbed rapidly during the afternoon of April 28, while spot gold and silver fell sharply. By 13:52, both U.S. crude and Brent crude had risen more than 2%. WTI crude futures reached $98.7 per barrel, up nearly 2.5% on the day, while Brent crude traded at $104 per barrel.

Spot gold dropped quickly by over 1%, currently trading at $4,627 per ounce. Spot silver declined nearly 3%, reaching $73.39 per ounce.

Recently, Morgan Stanley significantly lowered its gold price target for the second half of 2026 from $5,700 per ounce to $5,200 per ounce. The investment bank stated that the current decline in gold prices stems from a rare supply shock, while rising real interest rates and delayed rate cuts have fundamentally altered the macroeconomic landscape.

The firm emphasized that gold price movements in 2026 will be less influenced by safe-haven sentiment and more dependent on market liquidity, bond yields, and the pace of Federal Reserve policy adjustments. From now on, gold price fluctuations will rely more heavily on economic data rather than market sentiment.