Key Highlights
- Gold futures advanced 1.7% to reach $5,192.51 per ounce during early Tuesday sessions
- Silver futures climbed 4.8%, while spot silver rallied nearly 6% to hit $89.19 per ounce
- Trump declared the Iran situation is “pretty much” resolved, encouraging risk-taking sentiment
- Gold maintained its trading range between $5,000–$5,200 amid ongoing geopolitical uncertainty
- The dollar index declined as crude oil prices retreated on conflict de-escalation expectations
Precious metals experienced notable gains Tuesday following remarks from President Donald Trump indicating the conflict with Iran could be approaching its conclusion. The rally caught some market observers off guard, as gold traditionally benefits from escalating tensions rather than their resolution.
PRESIDENT TRUMP on when the war in Iran will end: “I think soon, very soon. Look, everything they have is gone, including their leadership.” pic.twitter.com/ke0omxUETI
— Fox News (@FoxNews) March 9, 2026
Gold futures advanced 1.7% to settle at $5,192.51 per ounce during early Tuesday activity. Meanwhile, spot gold appreciated 0.8% to reach $5,175.48 per ounce. These upward movements followed Trump’s statement to CBS News describing the Iran situation as “very complete, pretty much.”
Silver demonstrated even more pronounced strength. Futures contracts for silver jumped 4.8%, with spot silver rallying nearly 6% to $89.19 per ounce. Additional industrial metals including platinum and copper also recorded positive sessions.
Even with Tuesday’s advance, gold has remained confined within a narrow $5,000–$5,200 trading band throughout the previous week. Market participants continue monitoring numerous economic variables before establishing more decisive directional positions.
Marc Ostwald, chief economist at ADM Investor Services, characterized the gold appreciation as “all part of the same general pick up in risk assets today.” He attributed the movement to wider strength in equity futures rather than factors specific to precious metals alone.
Ostwald further noted that Trump’s statements remain “always ambiguous,” describing Tuesday’s market sentiment as decidedly “risk on.” He cautioned that renewed escalation could drive oil prices higher once more, potentially compelling central banks to maintain elevated interest rate policies.
Dollar Weakness and Oil Price Movements
The president additionally indicated the administration was exploring measures to address oil supply challenges resulting from the conflict. Among the possibilities discussed was a temporary suspension of sanctions against certain oil exporters, potentially including Russia.
Oil prices declined Tuesday in response to these developments. The DXY dollar index, which measures the greenback’s performance against major global currencies, also retreated. Dollar weakness typically provides tailwinds for gold valuations.
Analysts from ANZ observed that this year’s gold rally has encountered headwinds from profit-taking activity, with certain investors liquidating positions to generate liquidity during a period of substantial global equity market volatility.
Tehran Disputes De-escalation Narrative
Iranian authorities rejected Trump’s characterization of events. Iranian representatives stated they would maintain their blockade of the Strait of Hormuz until American and Israeli military operations targeting Tehran cease.
Trump issued a forceful counter-statement, warning Iran would encounter “Death, Fire, and Fury” should it continue obstructing the strategic waterway. No definitive timeline for potential peace negotiations was provided.
The military engagement reached its eleventh consecutive day Tuesday without clear indications of imminent resolution.
Elevated borrowing costs continue representing a potential headwind for precious metals. Ostwald suggested that sustained high interest rate environments could apply downward pressure to gold valuations.
Spot platinum appreciated 0.7% to $2,201.48 per ounce, while LME copper futures increased 1.3% to $13,095.30 per tonne during Tuesday’s session.
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