Gold and silver prices traded flat on Thursday, 9 April, as a weaker US dollar lent support, even as tensions in the Middle East resurfaced.
Comex gold futures surged by just $25 per troy ounce to an intraday high of $4,802, while silver futures are trading flat at $75.47. Both metals had posted strong gains in the previous trading session after US President Donald Trump announced a ceasefire, boosting demand for precious metals.
However, they failed to extend those rallies as uncertainty looms over the two-week ceasefire after Iran warned that some terms of the .
Iran claimed that Israel violated the ceasefire terms by attacking Lebanon, and, in response, Tehran once again closed the after briefly reopening it. Both Israel and the US stated that Lebanon was not part of the ceasefire agreement.
The White House denied reports on Wednesday that Iran had closed the strait, calling them false and noting an uptick in traffic through the route. Iran reportedly warned that if attacks in are extended, it will resume strikes in the Gulf region.
Continued control over the Strait of Hormuz was also one of Iran’s for forging a permanent peace deal, which Trump said is “workable.”
President Trump said late Wednesday that US forces deployed in the Middle East will “remain in place” until an agreement is reached with Iran and its implementation takes hold. In a post on social media, Trump said US troops, aircraft, and naval forces would stay in position until what he described as the “REAL AGREEMENT” is fully implemented.
The fragile truce was also reflected in markets on Thursday, trimming gains made a day earlier, with oil prices rising and stocks dipping. Brent crude, the international benchmark, was at $97 per barrel, up 4%.
On the economic front, traders are awaiting US Consumer Price Index data for March, due to be released on Friday.
The Personal Consumption Expenditure (PCE) index — the Fed’s preferred inflation gauge — rose 2.8% in the 12 months through February, in line with estimates, and likely increased further in March, Reuters reported.
MCX gold gains over ₹1,000, silver holds near ₹2.4 lakh
In the domestic market, gold futures on MCX surged by ₹1,073 per 10 grams to hit an intraday high of ₹1,53,080, extending their winning streak to a fourth straight session and taking cumulative gains to 2.2%, based on today’s high.
Silver futures also traded with modest gains, with the highly volatile metal rising by ₹814 per kilogram to ₹2,40,732. The recent rally has helped the white metal recover ₹22,160 from its April lows, based on today’s high.
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