Gold and Silver Rates Today: Gold and silver had a shaky day on Tuesday, June 9. Prices kept moving in both directions, but the overall tone was slightly better for gold because the US dollar became weaker. Traders also found support in safe-haven buying as tension in the Middle East cooled a little. Reuters reported that spot gold rose 0.3% to $4,340.31 per ounce, while oil prices fell after signs that attacks between Iran and Israel had paused.
The move came after a weak stretch for precious metals. In the previous session, gold had dropped to its lowest level since late March, while silver also stayed under pressure. Reuters said the latest gold bounce was helped by short-covering, which is when traders buy back metal after earlier selling.
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Why Gold Found Some Support
The dollar slipped, and that made gold cheaper for buyers using other currencies. The US Dollar Index also moved away from a nine-week high. At the same time, oil prices softened, which can help calm inflation fears. When inflation fears ease, central banks may get more room to cut rates later, and that can make gold look stronger because gold does not pay interest.
The Middle East also played a big part. Market nerves had gone up after Iran and Israel traded fire, but Reuters reported that the situation eased after both sides halted attacks following a US appeal. Donald Trump also renewed his claim that a peace deal with Tehran may be close. Even with that easing, the market is still watching the region closely because any new clash could push safe-haven demand higher again.
What Traders are Watching Next
Now the focus is shifting to US inflation data. Traders are waiting for the Consumer Price Index on Wednesday and the Producer Price Index on Thursday. These reports may give fresh clues about what the Federal Reserve may do next. Strong US jobs data already made the market think another rate hike could still happen before the end of the year. Reuters said traders are pricing in about a 70% chance of a Fed rate hike by December.
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In India too, precious metals stayed weak and jumpy. Goodreturns reported that MCX gold was near ₹1,54,600 per 10 grams in early trade, while MCX silver fell below ₹2.44 lakh per kilogram before trying to recover. The same report said spot silver was still below $68 per ounce.
