AGE Daily Gold Update

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

3/23/2026: Gold retreats in volatile trade

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell 3.2% to close near $4,422 in volatile trade after President Trump announced productive talks with Iran and the temporary cessation of strikes against Iranian energy facilities. Silver rose 0.4% to finish at $$69.62 an ounce.

Extending its long liquidation, gold fell to a four-month low early in the session, driven by a hawkish interest rate outlook because of the US war on Iran. Sharply higher oil prices have fueled sharply higher inflation expectations, prompting traders price-in a possible rate hike later this year, rather than two rate cuts previously expected.

Higher interest rates lift yields and the dollar, pressuring gold by increasing the opportunity cost for holding it instead of bonds, and by making it more expensive on other currencies, thereby limiting overseas demand.

But Trump surprised the markets by announcing productive talks with Iran over a possible ceasefire, along with an order to suspend temporarily the US bombardment of Iran energy facilities.

Global benchmark Brent crude promptly dropped 8% and the dollar lost 0.4% on the Trump comments, lifting gold from a four-month low of $4,355 to over $4,512.

But Iranian officials quickly denied the reality of the talks, causing markets to whipsaw and gold to retreat $150 to under $4,430.

Platinum fell 3.7% while palladium rose 0.8%.

At the New York spot close: gold dropped $148.35 to $4,422.05; silver added 26 cents, $69.62; platinum shed $72.50 to $1,871.95; and palladium picked up $10.75 to $1,435.55 an ounce.