diff --git a/CHANGELOG.md b/CHANGELOG.md
index a529047..0d0df77 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,7 @@ We use *breaking :warning:* to mark changes that are not backward compatible (re
 ## Unreleased
 
 ### Fixed
+- [#117](https://github.com/thanos-io/objstore/pull/117) Metrics: Fix `objstore_bucket_operation_failures_total` incorrectly incremented if context is cancelled while reading object contents.
 - [#115](https://github.com/thanos-io/objstore/pull/115) GCS: Fix creation of bucket with GRPC connections. Also update storage client to `v1.40.0`.
 - [#102](https://github.com/thanos-io/objstore/pull/102) Azure: bump azblob sdk to get concurrency fixes.
 - [#33](https://github.com/thanos-io/objstore/pull/33) Tracing: Add `ContextWithTracer()` to inject the tracer into the context.
diff --git a/objstore.go b/objstore.go
index c913068..31c167e 100644
--- a/objstore.go
+++ b/objstore.go
@@ -756,7 +756,7 @@ func (r *timingReader) Read(b []byte) (n int, err error) {
 	r.readBytes += int64(n)
 	// Report metric just once.
 	if !r.alreadyGotErr && err != nil && err != io.EOF {
-		if !r.isFailureExpected(err) {
+		if !r.isFailureExpected(err) && !errors.Is(err, context.Canceled) {
 			r.failed.WithLabelValues(r.op).Inc()
 		}
 		r.alreadyGotErr = true
diff --git a/objstore_test.go b/objstore_test.go
index ababe62..7d56dfb 100644
--- a/objstore_test.go
+++ b/objstore_test.go
@@ -412,7 +412,7 @@ func TestDownloadUploadDirConcurrency(t *testing.T) {
 func TestTimingReader(t *testing.T) {
 	m := WrapWithMetrics(NewInMemBucket(), nil, "")
 	r := bytes.NewReader([]byte("hello world"))
-	tr := newTimingReader(r, true, "", m.opsDuration, m.opsFailures, func(err error) bool {
+	tr := newTimingReader(r, true, OpGet, m.opsDuration, m.opsFailures, func(err error) bool {
 		return false
 	}, m.opsFetchedBytes, m.opsTransferredBytes)
 
@@ -438,6 +438,59 @@ func TestTimingReader(t *testing.T) {
 
 	_, isReaderAt := tr.(io.ReaderAt)
 	testutil.Assert(t, isReaderAt)
+
+	testutil.Equals(t, float64(0), promtest.ToFloat64(m.opsFailures.WithLabelValues(OpGet)))
+}
+
+func TestTimingReader_ExpectedError(t *testing.T) {
+	readerErr := errors.New("something went wrong")
+
+	m := WrapWithMetrics(NewInMemBucket(), nil, "")
+	r := dummyReader{readerErr}
+	tr := newTimingReader(r, true, OpGet, m.opsDuration, m.opsFailures, func(err error) bool { return errors.Is(err, readerErr) }, m.opsFetchedBytes, m.opsTransferredBytes)
+
+	buf := make([]byte, 1)
+	_, err := io.ReadFull(tr, buf)
+	testutil.Equals(t, readerErr, err)
+
+	testutil.Equals(t, float64(0), promtest.ToFloat64(m.opsFailures.WithLabelValues(OpGet)))
+}
+
+func TestTimingReader_UnexpectedError(t *testing.T) {
+	readerErr := errors.New("something went wrong")
+
+	m := WrapWithMetrics(NewInMemBucket(), nil, "")
+	r := dummyReader{readerErr}
+	tr := newTimingReader(r, true, OpGet, m.opsDuration, m.opsFailures, func(err error) bool { return false }, m.opsFetchedBytes, m.opsTransferredBytes)
+
+	buf := make([]byte, 1)
+	_, err := io.ReadFull(tr, buf)
+	testutil.Equals(t, readerErr, err)
+
+	testutil.Equals(t, float64(1), promtest.ToFloat64(m.opsFailures.WithLabelValues(OpGet)))
+}
+
+func TestTimingReader_ContextCancellation(t *testing.T) {
+	ctx, cancel := context.WithCancel(context.Background())
+	cancel()
+
+	m := WrapWithMetrics(NewInMemBucket(), nil, "")
+	r := dummyReader{ctx.Err()}
+	tr := newTimingReader(r, true, OpGet, m.opsDuration, m.opsFailures, func(err error) bool { return false }, m.opsFetchedBytes, m.opsTransferredBytes)
+
+	buf := make([]byte, 1)
+	_, err := io.ReadFull(tr, buf)
+	testutil.Equals(t, ctx.Err(), err)
+
+	testutil.Equals(t, float64(0), promtest.ToFloat64(m.opsFailures.WithLabelValues(OpGet)))
+}
+
+type dummyReader struct {
+	err error
+}
+
+func (r dummyReader) Read(_ []byte) (int, error) {
+	return 0, r.err
 }
 
 func TestTimingReader_ShouldCorrectlyWrapFile(t *testing.T) {