AGE Daily Gold Update

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

3/10/2026: Gold gains as oil tumbles

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 2.7% to close near $5,230 as oil prices plunged and the dollar weakened after President Trump lifted sanctions against some oil producers and signaled a possible end to the US war on Iran. Silver surged 6% to finish at $89.08 an ounce.

Trump announced that the US is waving oil-related sanctions against some nations to ease the price of oil, which surged to a three-year high above $120 per barrel because of the war. While the President did not name the countries, he reportedly spoke with Vladimir Putin on Monday, suggesting that Russian sanctions will be lifted.

Trump also said the war on Iran would end "very soon." But senior military officials including Pete Hesgeth quickly refuted this notion, declaring the war will continue until Iran "is total and decisively defeated." Meanwhile, Israel and the US conducted their most intensive attacks yet.

Still, the markets chose hope. US benchmark WTI crude plunged nearly 15% on the loosened sanctions and prospect, however feeble, of an end to the war, and all three major US stock indexes rose more than 0.5%.

Tracking oil, the dollar lost 0.6% against major rivals on expectations that an energy-related spike in inflation may yet be averted. A falling dollar lifts gold and other commodities by making them less expensive overseas.

Platinum and palladium rose 2.8% and 1.3%, respectively.

At the New York spot close: gold gained $138.20 to $5,229.70; silver surged $5.05 to $89.08; platinum picked up $61.60 to $2,225.65; and palladium rose $22 to $1,684.25 an ounce.