AGE Daily Gold Update

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

3/4/2026: Gold gains as dollar weakens

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.3% to close above $5,120 as the dollar fell on upbeat US data and muted signals that the Iran war may be over sooner than expected. Silver slipped 0.3% to finish at $82.63 an ounce.

The war on Iran escalated after a US submarine sank an Iranian warship in international waters and Turkey came under Iranian ICBM fire. Around 12 nations are now involved as Tehran targets Israel, Gulf states, and US bases while the US and Israel bomb targets in Iran.

But slight hopes arose for a quick peace after the New York Times reported that Iranian intelligence operatives have indirectly reached out the CIA. Separately, President Trump made comments apparently back away from the stated goal of regime change.

The dollar fell 0.3% against major rivals on speculation that the war could end quickly. A weaker dollar boosts gold and other commodities by making them less expensive overseas.

Some upbeat economic reports also weighed on the buck by restoring hopes for further rate cuts from the Fed. ADP said private payrolls added 63,000 jobs in February, the most in seven months. The ISM services index rose to the highest level since late 2022 and business leaders said they are adapting to tariffs.

Platinum and palladium rose 2.9% and 3%, respectively.

At the New York spot close: gold gained $12.80 to %,120.20; silver dipped 29 cents to $82.63; platinum picked up $60.40 to $2,156.95; and palladium added $49.35, to $1,684.35 an ounce.