Oil Prices Rise for Consecutive Days as Middle East Tensions Escalate; Silver Moves Sideways Ahead of CPI [SMM Daily Review]

Published: Sep 9, 2026 10:33

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[SMM Daily Review: Oil Prices Rise amid Escalating Middle East Tensions, Silver Moves Sideways ahead of CPI] SMM, September 9: Escalating Middle East conflicts pushed oil prices higher. Central bank gold purchases provided medium and long-term support, while silver prices moved sideways in the short term. Offers in the spot market remained firm, with transactions concentrated at slight premiums. Market attention is on Friday's CPI data for guidance.

Today, SMM’s 10:00 a.m. price for the Shanghai Gold Exchange Ag (T+D) was 16,036 yuan/kg, with premiums quoted from parity against TD to +10 yuan/kg and a weighted average price of 4.2 yuan/kg.

On the macro front, tensions in the Middle East escalated again. Iran’s military warned it would attack oil tankers at ports in the Gulf region, and Houthi forces struck Saudi energy facilities, driving oil prices higher for two consecutive days. US Treasury Secretary Bessent took a tough stance against yen bears. Central bank gold purchases continued to increase, providing bottom support for the medium and long-term trend of precious metals. Short-term macro disruptions were limited, and silver prices moved sideways as the market awaited CPI data guidance before this Friday’s policy meeting.

In the spot market, the spot-futures price spread between the most-traded SHFE silver contract and the Shanghai Gold Exchange silver T+D held steady from yesterday at 40 yuan/kg. Silver prices consolidated, and trading activity continued yesterday’s tone. Offers were quoted at relatively high premiums, and suppliers showed strong willingness to hold prices firm, but buying interest was largely wait-and-see, with most buyers inclined to transact at lower prices. Morning quotes in Shanghai were concentrated at a discount of 40-30 yuan/kg against the most-traded SHFE 2610 contract. Smelter EXW offers were on the low side, and transactions leaned toward negotiated prices. Today, premiums for the most-traded SHFE 2610 contract were quoted at a discount of 45 to 35 yuan/kg.

Overall, central bank gold purchase data provided some support to the precious metals sector, while the escalating Middle East situation slightly pressured precious metals in the short term. In the spot market, offers were firm today, and transactions were concentrated in a range of small premiums.

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