BENGALURU, June 8, 2026, 22:38 (IST)
Gold held steady on Monday, recovering from an earlier slide. The metal found support on hopes Israel and Iran will pause hostilities, while a strong U.S. jobs report led traders to see rates staying higher for longer.
Spot gold traded close to $4,344 an ounce on Kitco’s live market page after bullion hit $4,268.39 earlier, Reuters said, the weakest price since March 23. U.S. gold futures for August lost 0.2% to $4,356.50 in late-morning New York trading, according to Reuters.
Gold is caught between war risk in the Gulf, which is pushing up haven demand, and pressure from higher U.S. rates and a strong dollar. Gold doesn’t pay interest and is priced in dollars, so both those factors weigh on the metal.
Ceasefire headlines moved markets right away. Reuters said President Donald Trump told reporters Israel and Iran wanted to “do an immediate ceasefire.” Later, both sides said they paused attacks for now after their most direct clashes since the April ceasefire. Reuters
Gold moved between slight gains and losses in U.S. trading, after dropping almost 5% last week, according to a Bloomberg report in The Edge Singapore. Rhona O’Connell, StoneX Group’s head of market analysis, said big Middle East questions were still “unresolved,” and her team continued to see a “downward bias.” The Edge Singapore
Jobs data disappointed. U.S. employers added 172,000 jobs in May, unemployment stayed at 4.3%, according to Kitco. That held back hopes for Fed rate cuts and gold slipped, trading under its 200-day moving average after logging its steepest weekly drop since March.
Goldman Sachs says the Fed will likely hold rates steady through 2026 after the latest strong jobs report. The firm now sees rate cuts only coming in 2027. According to the bank, steady economic and jobs data lowered the odds for a hike, though another increase still looks unlikely.
Peter Grant, vice president and senior metals strategist at Zaner Metals, told Reuters the ceasefire news had “taken a little bit of pressure off the downside.” Han Tan, chief market analyst at Bybit, said gold could try for the “$4,000 line” if U.S. inflation data come in hot or the Federal Open Market Committee, the Fed’s rate-setting panel, turns more hawkish next week. Reuters
Investors get two U.S. inflation reports this week: CPI hits on Wednesday and PPI lands Thursday. CPI looks at what households pay, while PPI measures what producers get. Both reports could shift rate bets.
Oil is still the second driver for gold moves. Brent crude trimmed gains after Iran and Israel both said attacks had stopped. Brent last up 1.8% at $94.85 a barrel in Reuters’ late-morning New York pricing. WTI was up 1.7% to $92.07.
Dennis Kissler, senior vice president of trading at BOK Financial, said crude is in a “nervous trade.” Giovanni Staunovo at UBS said investors are concerned flows through the Strait of Hormuz may stay restricted for longer. Reuters
But the risk isn’t all on one side. If the ceasefire sticks and energy prices keep sliding, some haven flows could pull back from gold. On the other hand, if the fighting starts up again or shipping remains restricted, oil-driven inflation could keep the Fed hawkish, while investors stick with gold as a safe play. Reuters noted that before the conflict, about a fifth of the world’s daily oil and LNG exports moved through Hormuz.
Silver led among precious metals, up 1.1% at $68.59 an ounce in Reuters’ latest figures. Platinum dropped 1.7% to $1,746.88. Palladium was down 2.1% at $1,200.50. The split in moves meant metals didn’t see across-the-board gains.
