AGE Daily Gold Update

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

3/19/2026: Gold tumbles on rate worries

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold tumbled 5.9% to close just above $4,600 as further escalations in the US war on Iran drove expectations of a global energy shock and higher interest rates from major central banks. Silver shed 8.2% to finish at $70.90 an ounce.

President Trump said he might "blow up" the world's biggest gas field at South Pars after Iranian missiles caused extensive damage to Qatar's core LNG processing operations at Ras Laffan. Iran has been targeting regional energy facilities in retaliation for the US-Israel attacks.

The conflict has ended much of the Middle East's production of natural gas, driving prices in Europe as much as 21% higher. Closure of the Strait of Hormuz has cut off the passage of 20% of the global oil supply, prompting fears of severe oil shock if the war drags on.

In what would be a major new phase of the war, the Trump administration is considering the deployment of thousands of US troops to reinforce operations, according to a Reuters report.

Global benchmark Brent crude rose above $110 per barrel, the highest level in four years. Gasoline prices in the US have risen 30% in three weeks.

Central banks of the G7 nations met separately this week. While all held interest rates steady, each stated its readiness to raise interest rates to combat the inflation shock expected from the Iran war.

Fed Chair Jerome Powell warned that the Iran conflict has introduced "new inflation" into the economy, forcing the Fed to reconsider further rate cuts this year.

Global bonds sold off on the ubiquitously hawkish rate view, lifting yields. Higher yields pressure gold by increasing the opportunity cost for holding it instead of bonds for safety.

Platinum and palladium lost 6% and 5.7%, respectively.

At the New York spot close: gold tumbled $289.20 to $4,600.70; silver dropped $6.34 to $70.90; platinum retreated by $123.65 to $1,939.20; and palladium shed $83 to $1,449.35 an ounce.