Gold traded between $4,320 and $4,325 per ounce on June 8, 2026, finding a floor after one of its roughest weeks in recent memory. The precious metal had shed nearly 5% over the preceding days as Iran launched missile attacks on Israel, tearing apart a ceasefire that had barely survived two months.
The metal dropped as much as 1.4% intraday on June 8 before clawing back losses on signs that the worst might be over.
What happened in the Middle East
The military escalation between Iran and Israel represented the worst violence since a fragile ceasefire was brokered in early April 2026. That agreement came after weeks of violent exchanges between the two nations, and its collapse sent shockwaves through global markets.
By June 8, two developments helped stabilize the price. Iran reported an end to its military operations against Israel, suggesting the attacks were a finite escalation rather than the opening salvo of a prolonged campaign. And US President Donald Trump demanded an immediate end to the military strikes, adding diplomatic pressure to the de-escalation narrative.
