Gold and silver prices rose on Tuesday after President Donald Trump suggested the war with Iran may be coming to an end. The move surprised some traders, since gold typically rises during conflict — not when tensions cool.
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 climbed 1.7% to $5,192.51 per ounce in early Tuesday trading. Spot gold rose 0.8% to $5,175.48 per ounce. Both moves came after Trump told a CBS News reporter that the war in Iran is “very complete, pretty much.”
Silver also moved sharply higher. Silver futures were up 4.8%, while spot silver rose nearly 6% to $89.19 per ounce. Platinum and copper also posted gains on the day.
Despite the climb, gold has stayed inside a tight $5,000–$5,200 range for the past week. Traders are still watching a long list of economic uncertainties before committing to a bigger move.
ADM Investor Services chief economist Marc Ostwald said the gold rise is “all part of the same general pick up in risk assets today.” He linked the move to broader gains in stock futures, not just the precious metals market.
Ostwald added that Trump’s comments are “always ambiguous,” and that Tuesday’s mood was “risk on.” He warned that if tensions rise again, oil prices could go back up and push central banks toward keeping interest rates higher.
Trump also said the U.S. was looking at ways to ease oil supply disruptions from the conflict. One option mentioned was temporarily waiving sanctions on certain oil sellers, including Russia.
Oil prices fell on Tuesday as a result. The DXY dollar index, which tracks the U.S. dollar against other major currencies, also dropped. A weaker dollar often supports gold prices.
ANZ analysts noted that gold’s rally this year has faced pressure from profit-taking, as some investors sold gold to raise cash during a sharp drop in global equity markets.
Iran pushed back on Trump’s statements. Iranian officials said they would continue blocking the Strait of Hormuz until U.S. and Israeli strikes on Tehran stop.
Trump responded with a sharp warning, saying Iran would face “Death, Fire, and Fury” if it blocked the strait. He did not give a clear timeline for any peace deal.
The war entered its eleventh consecutive day on Tuesday with no clear end in sight.
Higher interest rates remain a risk for gold. Ostwald said that if rates stay elevated, gold prices could come under pressure.
Spot platinum rose 0.7% to $2,201.48 per ounce, while LME copper futures gained 1.3% to $13,095.30 per tonne on Tuesday.
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