AGE Daily Gold Update

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

3/5/2026: Gold falls on rising dollar, yields

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 1.1% to close under $5,066 as prospective inflation because of the US war on Iran drove the dollar and Treasury yields higher, pressuring alternative stores of value. Silver also lost 1.1% to finish at $81.69 an ounce.

The new Middle East war escalated as Iran launched waves of retaliatory missile and drone strikes across the Gulf, with attacks reported in the UAE, Kuwait, Qatar, and Bahrain. Refuting reports of backchannel negotiations, the Iranian Foreign Minister said his nation has no intention of pressing for a ceasefire.

Oil prices surged again on fears that the Hormuz Straits, a major chokepoint for oil traffic, would close entirely. WTI crude, the US benchmark, has risen more than 18% since the US started bombing on February 28 in what President Trump has repeatedly called a pre-emptive strike.

The dollar added another 0.3% to post its best in three years, rising 1.6% on flights to safety and expectations of sharply higher global inflation due to war-related oil shocks. A stronger dollar weighs on gold and other commodities by making them more expensive in other currencies.

Benchmark 10-year Treasury yields also rose on inflation fears, weighing on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Platinum and palladium dropped 2.3% and 3.8% respectively.

At the New York spot close, gold fell $54.90 to $5,065.30; silver shed 95 cents to $81.69; platinum dopped $48.90 to $2,108.05; and palladium lost $64.15 to $1,620.20 an ounce.