Metals Rebound as Dollar and Yields Ease (09.03.2026)

Global markets remained focused on shifting rate expectations and Middle East energy risks. 

Gold rebounded above $4,400 and silver approached $66 as softer Treasury yields and a weaker dollar provided support, although markets continued to price a high probability of a September Fed rate hike. The euro stayed below 1.16 despite growing expectations for imminent ECB tightening, while sterling remained near a three-week low. Meanwhile, the yen strengthened beyond 158 amid intervention speculation and expectations for a Bank of Japan rate hike this month.

Euro Stays Below $1.16

The euro traded slightly under $1.16, hovering near a two-week low as investors retreated from risky assets over Middle East energy risks. With Brent crude reaching new six-week peaks, Eurozone inflation hit a multi-year high. That spike pushed expectations for an ECB rate hike next week to nearly 100%, while markets price a 66% chance of a September Fed rate increase.

The first resistance is positioned at 1.1630 while the support starts from 1.1550.

Gold Rebounds Past $4,400

Gold climbed back above $4,400 on Thursday, extending its gains as the US dollar and Treasury yields eased. NY Fed President Williams highlighted slowing inflation as tariff impacts diminish, while August private payroll growth cooled. Despite lower oil prices following calming remarks on Middle East strikes, financial markets continue to price a two-thirds probability of a September Fed rate hike.

First resistance is seen at $4450, with initial support near $4400.

Yen Strengthens Past 158

The Japanese yen strengthened past 158 per dollar on Thursday, extending recent gains amid speculation of official rate checks and market intervention. After plunging to historic lows in late July, the currency recovered following joint Japan-US actions. Remarks from BOJ officials signaling potential rate hikes this month due to persistent inflation risks provided additional support.

First resistance is seen at 158.00, with initial support near 155.10.

Sterling Holds Near 1.3493

GBP/USD traded near 1.3493, consolidating close to a three-week low. Hawkish Fed comments lifted September rate-hike odds to around 67%, keeping the US dollar in strong demand. Softer oil prices earlier this quarter pushed Bank of England hike expectations into 2027, while escalating Middle East conflict increased safe-haven demand for the US currency.

From a technical view, resistance stands near 1.3590, with support around 1.3470.

Silver Rallies Toward $66

Silver rose toward $66 on Thursday, continuing its recovery as the US dollar and Treasury yields softened. NY Fed President Williams pointed to cooling inflation as tariff pressures ease, while private payroll growth slowed in August. Lower energy costs helped calm inflation worries, though traders still price a two-thirds chance of a September Fed rate increase.

From a technical view, resistance stands near $66.00, while support is located around $65.20.