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macroJun 9, 2026, 12:18 PM

Gold May Have Bottomed at $4,300 as Ceasefire Weakens Dollar

Gold could be bottoming near $4,300 after the US dollar retreated following a ceasefire announcement between Israel and Iran, though persistent Middle East tensions limit further dollar weakness.

XAUUSD

Gold may have found a bottom around $4,300 after the US dollar retreated following a ceasefire between Israel and Iran, according to market commentary.

President Donald Trump urged both sides to avoid further escalation, but the adversaries have reserved the right to resume hostilities. This keeps geopolitical risk elevated, which in turn supports the greenback as a safe-haven asset.

The interplay between a weaker dollar on the ceasefire news and continued safe-haven demand for the dollar leaves gold's near-term direction uncertain. Traders are watching for further developments in the Middle East.

Source: FXStreet Forex News