Gold & Silver Market News — Apr 9, 2026, 12:10–16:10 UTC
US-Iran Ceasefire Uncertainty Dampens Market Sentiment
Market sentiment has turned cautious as doubts emerge about the sustainability of the US-Iran ceasefire deal. The initial optimism that drove risk assets higher earlier in the week is now fading as investors worry about compliance and the fragility of the agreement. This uncertainty has led to a pullback in risk appetite across various asset classes, with safe-haven flows beginning to resurface.
Silver Retreats from Recent Highs
Silver prices declined on Thursday, falling 1.08% to $74.11 per troy ounce after reaching highs of $77.65 on Wednesday. The precious metal is consolidating around the $74.00 level as risk appetite ebbs following the emergence of doubts about the Iran ceasefire. Silver lost its shine alongside other risk assets as market participants adopted a more cautious stance.
Oil Markets Experience Sharp Volatility
Energy markets have seen dramatic price swings amid uncertainty surrounding the Middle East situation. Brent crude initially plummeted over 13% to a four-week low near $95 before rebounding above $96 as concerns about Hormuz shipping routes and ceasefire durability persisted. WTI crude oil has also recovered some losses, returning above $93.00 from Wednesday's lows near $86.00, as geopolitical risks remain elevated.
Japanese Yen Weakens on Rising Oil Prices
The Japanese Yen is underperforming against major currency peers, with USD/JPY trading 0.3% higher near 159.00 during European hours. Higher oil prices are weighing on the Yen, as Japan's energy import dependency makes the currency sensitive to crude price fluctuations. Cross pairs like AUD/JPY and EUR/JPY are extending gains for the fourth consecutive session as the Yen weakens across the board.
Central Bank Policy Outlook Remains Steady
Several central banks are expected to maintain their current policy stances despite recent economic developments. The Swedish Riksbank is seen staying steady despite softer CPI data, while Poland's NBP is likely to keep rates on hold at 3.75% for an extended period as the Iran-related energy shock has derailed its easing cycle. The Federal Reserve's March FOMC minutes suggest officials remain more concerned about labor markets than inflation, maintaining a bias toward future rate cuts.
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