International gold prices rose over 1% on the afternoon of July 9 (US Eastern Time), with August delivery gold futures on the COMEX exchange trading at $4,139.80 per troy ounce, up $57.40 or 1.41% from the previous settlement of $4,082.40. The increase came as bargain hunters entered the market following a decline the previous day, despite ongoing military exchanges between the US and Iran. US Treasury yields fell and US stock markets rebounded strongly, with the Nasdaq Composite up 1.2% and the S&P 500 rising 0.8%, supporting gold's recovery amid the geopolitical tensions in the Hormuz Strait region.
COMEX Gold Futures Rise 1.41% on July 9
At approximately 1:45 PM US Eastern Time on July 9, August delivery gold futures (GCQ6) on the Chicago Mercantile Exchange Group's COMEX metal futures exchange traded at $4,139.80 per troy ounce (1 ozt = 31.10g), up $57.40 or 1.41% from the previous settlement price of $4,082.40. The price movement occurred as investors engaged in bargain hunting following the previous day's decline.
US Conducts Third Day of Airstrikes on Iran
The US continued large-scale airstrikes on Iran for a third consecutive day, targeting Iran's only commercial nuclear power plant and railway bridges. Iran responded by launching missiles at US military bases in neighboring countries. The geopolitical conflict around the Hormuz Strait has not yet subsided, with both sides engaged in ongoing military exchanges.
US Stock Markets Rebound as Treasury Yields Fall
Despite the geopolitical tensions, US stock markets showed strong rebounds on July 9. The Nasdaq Composite Index rose 1.2% and the S&P 500 Index gained 0.8%. The 10-year US Treasury yield fell 5.10 basis points from the previous day's closing level. Market sentiment appeared to weigh more heavily on expectations that the military exchanges between the two sides would be short-lived rather than escalate into a broader conflict. US President Donald Trump emphasized that while large-scale airstrikes on Iran would occur, they would end very briefly.
Analyst Attributes Gold Rise to Bargain Hunting
Bob Haberkorn, chief market strategist at StoneX, stated that bargain hunting inflows occurred following the previous day's decline. Haberkorn noted that in the short term, the Federal Reserve would be the main driver of gold prices. Gold, as an asset that does not pay interest, becomes relatively less attractive in high-interest-rate environments.
FAQ
What was the gold futures price on July 9?
August delivery gold futures on COMEX traded at $4,139.80 per troy ounce on the afternoon of July 9 (US Eastern Time), up $57.40 or 1.41% from the previous settlement of $4,082.40.
Why did gold prices rise despite the US-Iran conflict?
Gold prices rose as bargain hunters entered the market following the previous day's decline, supported by falling US Treasury yields and rebounding US stock markets. Market sentiment focused on expectations that the military exchanges would be brief rather than escalate into a broader conflict.
How did US stock markets perform on July 9?
US stock markets rebounded strongly on July 9, with the Nasdaq Composite Index rising 1.2% and the S&P 500 Index gaining 0.8%, while the 10-year US Treasury yield fell 5.10 basis points.
