Summary of this article
Golder edged up slightly, silver prices fell as investors assessed US-Iran ceasefire
Investors waited for US inflation data for further cues
Silver prices fell more than 1 per cent on April 9, 2026 on the domestic exchange, while gold prices were tad up, as investors assessed the tenacity of the ceasefire in West Asia as military exchanges continued. Investors are also waiting for the key US inflation data amid rising price pressures to the geopolitical turmoil.
On the Multi-Commodity Exchange (MCX), gold futures for June delivery traded 0.48 per cent higher at Rs 1.53 lakh for 10 grams. Meanwhile, silver futures scheduled for delivery in May traded at Rs 2.38 lakh per kg, over 0.60 per cent lower, recovering from a low of Rs 2.35 lakh per kg during the session.
Gold prices recovered slightly on the back of a weaker US dollar. However, investors remained uncertain about the certainty of a ceasefire between the US and Iran, which dented overall demand in the market. The dollar index was at 98.89 against its major peers, after steep losses in previous sessions. Talks of a ceasefire led to a correction in crude oil prices, leading to the fall of the US dollar.
However, investors are waiting for the US Personal Consumption Expenditures (PCE) for February to gauge the trajectory of interest rates in the economy during the year. Minutes from the Federal Reserve’s March meeting showed that more policymakers were of the opinion that rate hikes may be on the cards later in the year to counter rising inflation due to the geopolitical conflict.
“A hotter-than-expected inflation reading could reinforce expectations that rates will stay higher for longer or even prompt further tightening, which typically weighs on gold because higher yields increase the opportunity cost of holding non-yielding assets. The impact of higher energy prices are still yet to be seen, so any indications this is starting to feed through into the data could lead to action from the US Fed,” Ross Maxwell, global strategy operations lead, VT Markets said.
Bullion prices are likely to remain range-bound, as investors assess geopolitical developments and global monetary policy signals. “We can expect to see continued short-term volatility rather than a strong directional move in the near term, until we see some clarity and a more stable outlook,” Maxwell added.
