Gold steadies after Israel and Iran agree to end missile strikes

Published Tue, Jun 9, 2026 · 08:27 AM

GOLD was steady, after Israel and Iran agreed to end attacks that had jeopardised talks to end the war in the Middle East.

Bullion was near US$4,325 an ounce in early trading, having closed the previous session little changed. The pledges from the two sides to stop missile strikes followed an appeal by US President Donald Trump for de-escalation as he seeks a wider resolution to the conflict that has roiled global markets.

Now in its fourth month, the war has disrupted energy flows via the Strait of Hormuz, driven oil prices higher and raised concerns about global inflation, making central banks more likely to keep interest rates steady or raise them – a headwind for precious metals.

Bullion fell sharply in the early days of the conflict and remains about 18 per cent below its immediate prewar level, having erased its year-to-date gains on Friday (Jun 5) after a strong US jobs report fuelled bets that the US Federal Reserve will hike rates in 2026.

“Longer term, we maintain a bullish gold view, but we believe it is extremely high-risk in the near term for anyone without very wide stops and longer-term investment horizons,” analysts from Citigroup including Kenny Hu said in a note, maintaining their six- to 12-month price target for bullion at US$5,000 an ounce.

Spot gold edged down 0.1 per cent to US$4,326.23 an ounce at 7.06 am in Singapore. Silver slid 0.1 per cent to US$68.12 an ounce. Platinum and palladium were little changed. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat. BLOOMBERG