Gold Silver Rate Today (April 9) Under Pressure: Why Comex Gold & Silver Rate Retreated From 3-Week High?

Gold and silver prices have pulled back from their three-week high levels on April 9, as fresh uncertainty lingered for global markets after Israel attacked Lebanon. Crude oil prices are back on the upside and the dollar is strengthening again, which puts pressure on spot gold and spot silver, which witnessed a significant rally yesterday.

Gold Price Today:

At the time of writing, spot gold marginally up to trade around $4,270 per ounce, compared to its 3-week high level of $4,821 per ounce, which it touched yesterday. However, in the early hours of April 9, at around 02:49 GMT Time, the COMEX gold price dropped by 0.5% to hit $4,754.80. The intraday low stood around $4,718.60.

Silver Price Today:

Along the similar lines, spot silver is trading under pressure to hove between 74 to 74.4 per ounce. At the time of writing, spot silver traded at $73.9805 per ounce, down by 0.13%. This precious metal has touched an intraday high and low of $72.8945 to $74.3985 respectively.

What Is Impacting Gold & Silver Prices Today?

Two major factors have pushed gold and silver to trade volatilly. Firstly, crude oil prices are trading higher by 2-3% and above $96 per barrel to $98 per barrel.

Secondly, US dollar has trimmed its previous session's losses to strengthen above 99.

The precious metals performance is due to investors assessing the fragile situation of Middle East. As per Trading Economics, Iranian media reported that oil tanker transit through the strait had been halted after Israeli strikes on Lebanon, while a senior Iranian official said three provisions of the ceasefire proposal had already been breached. Meanwhile, US Vice President JD Vance said there are indications the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran. Oil prices rebounded slightly and the dollar and bond yields edged higher, maintaining downward pressure on gold.

On Wednesday, bullion climbed as much as 3.3% following the ceasefire announcement, before giving up nearly all those gains as investors took profits amid a broader risk-on rally in global equities, the Trading Economics data said.

"Gold is expected to remain volatile, with direction dependent on further geopolitical clarity and macro cues," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Disclaimer:The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.