AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

3/2/2026: Gold gains on US war on Iran

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 1.2% to close at $5,294 on flights to safety after the US and Israel attacked Iran over the weekend, prompting fears of an extended conflict, higher oil prices, and rising inflation. Silver fell 4.7% on a sharply higher dollar to finish at $88.28 an ounce.

The burgeoning war in the Middle East expanded rapidly in the 48 hours since the initial attack as Iran retaliated against Israel and regional bases housing troops from the US, UK, France, and Italy. Hezbollah also retaliated, prompting attacks on Lebanon by Israel.

Citing a goal of regime change, President Trump has left the door open to a lengthy military campaign, saying he will "do whatever it takes."

US benchmark WTI crude spiked nearly 7% higher on supply concerns after Saudi oil facilities and tankers in the Strait of Hormuz were attacked by Iran. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Benchmark 10-year Treasury yields rose sharply as investors anticipate sharply higher inflation if the war drags on.

The dollar rose nearly 1%, in part on flights to safety but mostly because war-related inflation is expected to prevent the Fed from cutting interest rates.

Platinum and palladium fell 2.2% and 1.7%, respectively.

At the New York spot close: gold gained $63.90 to $5,294; silver shed $4.40 to $88.28; platinum dopped $52.95 to $2,312.65; and palladium slid $29.65 to $1,762.55 an ounce.