Precious Metals Market Update: 4/9/2026

Precious metals advanced broadly on Thursday as the U.S.-Iran ceasefire showed immediate signs of strain, keeping geopolitical risk premiums elevated. Gold gained 0.95% to $4,776.22 per troy ounce, extending its recovery for a third consecutive session as investors weighed a fragile truce against fresh Israeli strikes in Lebanon and continued Strait of Hormuz disruptions. Platinum advanced 3.54% to $2,118.00, building on Wednesday's 3.82% relief rally. Silver added 0.81% to $76.05. Palladium eased 0.19% to $1,575.71, consolidating after its 6.31% single-session surge on Wednesday. February PCE inflation data released Thursday morning came in at 2.8% year-over-year — in line with estimates — reinforcing the Federal Reserve's hold and providing limited new directional signal for rate policy.

The ceasefire announced Tuesday night began unraveling within hours. Israel launched its largest coordinated strike of the conflict against Lebanon, targeting more than 100 sites, while Netanyahu stated the ceasefire does not apply to Hezbollah. Iran's Foreign Minister declared that the United States must "choose between ceasefire and continued war via Israel," and Iranian authorities indicated three clauses had been breached. Tanker traffic through the Strait of Hormuz remained constrained despite Iran's initial assurances of safe passage, which had reversed a key condition that drove Wednesday's sharp oil decline. U.S. and Iranian negotiators remain scheduled to meet in Islamabad on Friday for the first direct diplomatic engagement of the conflict.

The 10-year Treasury yield eased to approximately 4.29%, its third consecutive daily decline, as the in-line PCE print and ongoing geopolitical uncertainty sustained demand for Treasuries. The dollar index held relatively steady following Wednesday's 1% drop to one-month lows. Core PCE came in at 3.0% year-over-year, a slight deceleration from January's 3.1% reading, and both headline and core figures were in line with economist estimates. The stable inflation backdrop provided a supportive environment for gold and silver, with lower real yields reducing the opportunity cost of holding non-yielding assets.

Spot Prices — April 09, 2026

Key Drivers

• Ceasefire Frays — Israel Strikes Lebanon, Hormuz Remains Contested:

  Israel launched its largest coordinated Lebanon strike of the conflict hours after the ceasefire, with Netanyahu stating the deal does not cover Hezbollah. Iran declared three clauses breached and Hormuz transit remained constrained on Thursday, reversing the condition that drove Wednesday's oil plunge. The contested truce kept safe-haven demand for gold intact heading into Friday's Islamabad talks.

• February PCE In-Line at 2.8% YoY, Core at 3.0%:

  The Commerce Department released the delayed February PCE report Thursday, showing headline inflation unchanged at 2.8% year-over-year and core PCE at 3.0%, a slight deceleration from January's 3.1%. Both figures matched forecasts, reinforcing the Fed's hold at 3.5%-3.75% ahead of Friday's March CPI, which is expected to capture the full Hormuz-driven energy pass-through.

• Platinum Extends Rally for Second Consecutive Session:

  Platinum advanced 3.54% to $2,118.00, adding to Wednesday's 3.82% surge for a two-session gain of approximately 7.5% as industrial demand expectations remained elevated. Palladium gave back a marginal 0.19% after its prior session's 6.31% advance, reflecting consolidation rather than renewed selling pressure.

• 10-Year Yield Falls to 4.29%, Dollar Stabilizes:

  The 10-year Treasury yield declined to approximately 4.29% for its third consecutive daily drop, as the in-line PCE and geopolitical uncertainty kept bond demand firm. The dollar index stabilized after Wednesday's decline to one-month lows. Easing real yields provided a supportive backdrop for non-yielding precious metals.

Looking Ahead

• Islamabad Talks (Friday, April 10):

  The first direct U.S.-Iran diplomatic engagement is scheduled for Friday under Pakistani mediation. The session arrives under heightened tension following Israeli-Lebanon strikes and Iran's assertion that the ceasefire has already been breached. The outcome carries direct implications for oil prices, the dollar, and geopolitical risk premiums across the metals complex.

• March CPI (Friday, April 10):

  The Bureau of Labor Statistics releases March Consumer Price Index data at 8:30 a.m. ET Friday. Headline CPI is forecast to rise approximately 0.8%-0.9% month over month and 3.1%-3.3% year over year, reflecting Hormuz-driven energy costs. A print above consensus could delay the timing of the Fed rate cut and support gold's inflation-hedge premium.

• Q4 2025 GDP Final Revision:

  The Bureau of Economic Analysis released the final Q4 2025 GDP revision on Thursday, providing the last comprehensive pre-conflict baseline on U.S. economic growth momentum ahead of the Fed's April 29 rate decision.

This report is for informational purposes only and does not constitute financial advice or a solicitation to buy or sell precious metals. Spot prices reflect market conditions at the time of publication and are subject to change. Past performance is not indicative of future results. Texas Precious Metals is not a registered investment advisor. Consult a qualified financial professional before making investment decisions. Prices sourced from texmetals.com/price-charts.