AGE Daily Gold Update

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

3/20/2026: Gold has worst week since 2011

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped another 0.7% to close under $1,471 as Treasury yields and the dollar climbed on reports that the US is sending troops to the Middle East, adding to inflation expectations and fears about rate hikes. Bullion lost 9.5% for the week, its worst since 2011. Silver shed 2.2% to finish at $69.36 for a weekly decline of 14.3%.

CBS and Reuters reported that the US is preparing to send thousands of Marines to the Middle East in a major escalation of the US-Israel war on Iran. Meanwhile, Iran has refused to discuss reopening the Strait of Hormuz, passageway for one-fifth of the world's oil and natural gas, until attacks stop.

Oil prices continued to climb on the reduced supply and intensification of the hostilities. Global benchmark Brest crude has risen 7% this week and almost 50% since the war began, generating an energy shock that is expected to fuel global inflation.

In response, according to Bloomberg, bond traders have increased their bets that the Fed will raise interest rates by October to more than 50%. Two weeks ago, they were betting on 63 basis points in rate cuts by year end.

Benchmark 10-year Treasury yields rose toward 4.3% on the increasingly hawkish interest rate outlook. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking with yield the dollar added 0.4% against major rivals, pressuring gold and other commodities by making them more expensive in other currencies.

Despite the major price correction that has been triggered by the war and changing interest-rate expectations, gold remains up 6% so far this year. Most analysts expect the bull market to continue once the rate view stabilizes, driven by growing geopolitical uncertainty, unsustainable US debt, global de-dollarization, and bullion's traditional role as an inflation hedge.

Platinum added 0.3% today but still lost $5 this week. Palladium fell 1.7% for a weekly decline of 9.7%.

At the New York spot close: gold fell $30.30 to $4,570.40; silver slid $1.54 to $69.36; platinum added $5.25, to $1,944.45; and palladium lost $24.55 to $1,424.85 an ounce.