Full Breakdown
Gold Prices Stabilize as Ceasefire Hopes Counterbalance Strong US Jobs Data
6/9/2026, 6:16:43 AM
Gold Market Stabilizes Amid Ceasefire Prospects and US Labor Strength
On Monday, spot gold steadied, rising 0.33% to $4,343.03 per ounce after earlier falling to $4,268.39, its lowest since March 23. U.S. gold futures for August delivery rose 0.05% to $4,367.30. The rebound aligned with reports of a possible Israel-Iran ceasefire, easing downside pressure on the safe-haven metal.
Context: Emerging Israel-Iran Ceasefire and US Employment Data
President Donald Trump said both Israel and Iran were looking to “do an immediate ceasefire” and that final negotiations on “peace” were proceeding. The administration noted a peace deal would reduce energy-driven inflation risks and ease pressure on the Federal Reserve to keep interest rates high. A stronger-than-expected U.S. jobs report raised expectations of a rate hike, limiting gold’s upside.
Market Data: Prices, Dollar Strength, and Rate-Hike Probabilities
The U.S. dollar traded near its two-month high. CME Group’s FedWatch tool showed a 43% chance of a quarter-point Fed rate increase in December, up from about 14% a month earlier. Spot silver rose 1% to $68.52 per ounce; platinum fell 1.3% to $1,752.87 and palladium slipped 1.3% to $1,209.29.
Official Statements & Responses
The administration confirmed that ceasefire discussions were active and that peace negotiations were ongoing, noting that a deal could lower energy-driven inflation risks and reduce pressure on the Federal Reserve to maintain high interest rates.
Key Figures & Groups
Peter Grant of Zaner Metals said the ceasefire news “rebounded off the overseas lows” and eased downside pressure on gold. Han Tan of Bybit warned that hotter-than-expected CPI data or a hawkish Federal Open Market Committee decision could push gold toward the $4,000 support level.
Verbatim Quotes
- “We rebounded off the overseas lows just on news that perhaps there's a new ceasefire between Iran and Israel. So that's taken a little bit of pressure off the downside,” — Peter Grant, Vice President and Senior Metals Strategist, Zaner Metals
- “Gold may next test the psychologically important $4,000 line for critical support if markets receive hotter-than-expected CPI prints this week, or a decidedly hawkish FOMC next week,” — Han Tan, Chief Market Analyst, Bybit
- “President Trump said on Monday that both Israel and Iran were looking to "do ?an immediate ceasefire" and that final negotiations on "peace" were proceeding.” — President Donald Trump
What’s Next
Investors await U.S. consumer price index (CPI) and producer price index (PPI) data for May, due Wednesday and Thursday. The releases will offer clues on the Federal Reserve’s policy path and could affect gold ahead of the upcoming Federal Open Market Committee meeting.
