Gold, silver rates today: Comex gold and silver edge higher as dollar retreats, oil eases
Precious metals remained volatile in Tuesday’s trade on 9 June, oscillating between gains and losses, although prices tilted mostly higher amid a weakening US dollar. Easing tensions in the Middle East also lent support to safe-haven buying.
Comex gold jumped $25 per troy ounce to touch the day’s high of $4,388, while silver futures were marginally up by $0.6 at $69.18 per ounce. In the previous session, both gold and silver had fallen to their lowest levels in over two months, indicating weakening demand amid surging expectations of a US Federal Reserve rate hike in 2026.
In the Middle East, tensions eased after Iran’s military reportedly said it would halt offensive operations following an appeal from US President Donald Trump. However, it warned that harsher attacks could follow if Israel resumed strikes on Lebanon.
As tensions eased following the brief escalation, crude oil prices also moved lower, with Brent crude falling back to around $93 per barrel. Lower oil prices could ease inflation fears, potentially creating room for interest-rate cuts by central banks and boosting the appeal of non-yielding assets such as gold.
Trump also renewed claims that a peace deal with Tehran is nearing completion. Regional tensions had escalated on Monday after Israel and Iran exchanged fire in their first direct attacks since the US brokered a ceasefire with Tehran two months ago.
This is not the first time the US has indicated that tensions in the region could ease soon. Earlier as well, Washington had suggested the conflict may de-escalate, only to later warn that attacks could intensify if Iran refused to abandon its nuclear ambitions.
Gold and silver have fallen more than 17% and 18.3%, respectively, since the US-backed conflict with Iran began in late February.
Meanwhile, the US Dollar Index slipped to 99 against a basket of major currencies, retreating from the nine-week high touched in Monday’s session.
On the economic front, investors are awaiting the US Consumer Price Index (CPI) data on Wednesday and the Producer Price Index (PPI) data on Thursday for further clues on the Federal Reserve’s interest rate trajectory.
The US jobs report for May came in stronger than expected, fuelling expectations that the Federal Reserve could raise interest rates again by the end of the year. The stronger jobs report comes at a time when inflation remains well above the US Federal Reserve’s target.
Traders are pricing in about a 70% chance of a Fed rate hike in December, according to the CME FedWatch Tool.
In the domestic market, the near-month gold futures contract on MCX jumped ₹667 per 10 grams to touch the day’s high of ₹1,55,451, recovering part of its previous decline of ₹810. During Monday’s trade, the yellow metal had slipped below ₹1.53 lakh for the first time since 11 May.
The silver futures contract on MCX also regained strength, rising ₹2,532 per kilogram to ₹2,48,921. In the previous session, the metal had fallen back to ₹2.39 lakh, marking its lowest level since late April.
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Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.