Gold Slides 1.6% to $4,110, Silver Drops 4.3% as Iran Halts Ceasefire on July 8

Gold and silver fell sharply on July 8 after Iran halted a ceasefire with the U.S., with spot gold sliding 1.6% to about $4,110 and silver dropping 4.3% to $59.70. President Trump stated the fragile ceasefire was over, triggering renewed strikes near the Strait of Hormuz and raising inflation expectations.

The losses reversed earlier gains sparked by a weak June jobs report showing just 57,000 nonfarm payrolls added, below the roughly 110,000 economists expected. Gold futures had climbed above $4,200 following the employment data. The Federal Open Market Committee released June meeting minutes on July 10, showing the committee remained split on rate cuts, keeping September rate hike odds near 50%. Gold and silver bounced back on July 9 as physical buyers stepped in, with gold closing at $4,140.80 and silver at $60.75.