AGE Daily Gold Update

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

4/1/2026: Metals notch fourth day of gains

Source: Dana Samuelson, American Gold Exchange

Austin — Precious metals continued their winning streak higher from Friday with gold gaining another 2.8% at the New York market close. Silver rose 1.4% while platinum and palladium each gained another 1% of value. Unlike yesterday, Asian equity markets rose today, along with those in Europe and the US, as hopes reverberated around the world that a resolution to the conflict against Iran was indeed within reach.

President Trump is scheduled to make a televised address at 9 PM tonight and is expected to announce that US objectives against Iran have met or exceeded expectations, but military operations may continue for another two to three weeks.

The US dollar weakened against other currencies on the US dollar index, falling thirty-six basis points on the index to 99.61. The dollar is now down a full point from its peak of 100.61 two days ago, it’s highest level since May of 2025. The benchmark US 10-year Treasury yield also eased lower to 4.31%, down from its Mar. 27th peak of 4.44%, its highest level since July of 2025. A weaker dollar and lower yields support a rising gold price.

The crucial brent crude oil price tumbled $17 from yesterday’s peak closing price of $118.35 to close just under $101 per barrel today. This narrowed the spread sharply between the European price for brent crude oil and the US West Texas intermediate crude price which peaked at $102.88 two days ago, with WTIC trading just over $100 per barrel this afternoon.

At the New York spot close: gold surged $135.60 to $4,783.20; silver rose $1.17 to $75.86 platinum rose $19.30 to $1,969.30; and palladium gained $17.95 to $1,489.15 an ounce.

3/31/2026: Metals and Markets surge on Iran truce optimism

Source: Dana Samuelson, American Gold Exchange

Austin — Markets in Europe and the US surged higher on optimism over a possible truce between the US and Iran. Gold, platinum and palladium gained 3% while silver jumped 6% higher. The DOW and S&P 500 rose 2% while the NASDAQ gained 3%.

In the first public signal that Iran may be willing to negotiate a truce, Bloomberg reported that Iranian President Masoud Pezeshkian told EU Council President António Costa in a call Tuesday, Iran has “the necessary will to end this war” but expects certain requirements to be met, “especially the essential guarantees to prevent the recurrence of aggression.”

Iran’s Foreign Minister Abbas Araghchi told Al Jazeera that while messages have been exchanged with the US, Araghchi insists Tehran is not in negotiations with Washington.

US Defense Secretary Pete Hegseth said diplomatic talks to end the conflict with Iran are “gaining strength.”

Oil, the dollar, and yields on US treasuries eased on the news a resolution to the conflict may be in sight, which led to today’s relief rally that buoyed major markets across the board.

At the New York spot close: gold surged $121.60 to $4,647.60; silver jumped $4.36 to $74.69 platinum rose $64.40 to $1,950.00; and palladium gained $67.98 to $1,485.98 an ounce.

3/30/2026: Gold and silver add to Friday’s gains

Source: Dana Samuelson, American Gold Exchange

Austin — Haven demand pushed gold modestly higher in New York trading Monday. Silver, platinum, and palladium gained as well, adding to the rebound they all enjoyed Friday. Stock indices in the US were mixed, with the DOW gaining and the S&P 500 and NASQAQ declining.

The dollar edged higher on the US dollar index, adding another thirty basis points up to 100.47. Gold shrugged off a modestly higher US dollar today.

Typically, a stronger dollar weighs on precious metals values. Due to the war against Iran, however, the US dollar may not be gaining as much as countries that are more vulnerable to an oil price shock are weakening against the dollar. Countries that have either smaller oil reserves or a reduced financial capacity to buy oil are at greater economic risk in the current environment.

Over the weekend the IMF signaled in a blog post that countries heavily dependent on oil imports were asymmetrically at risk to the higher oil prices the war against Iran is causing. However, the IMF blogged that due to the war “All roads lead to higher prices and slower growth,” depending upon the length and the severity of the conflict and the continued impairment to the energy infrastructure around the Persian Gulf.

At the New York spot close: gold gained $21.48 to $4,513.48; silver gained $0.65 to $70.20; platinum rose $20.94 to $1,891.54; and palladium rose $24.95 to $1,415.85 an ounce.

3/27/2026: Precious metals decouple from global liquidity selloff

Source: Dana Samuelson, American Gold Exchange

Austin — Precious metals gained over 2% on Friday, supported by safe-haven buying, while US equity markets continued their decline lower. Gold, silver, platinum and palladium all moved higher while the DOW, S&P 500 and the NASDAQ all tumbled lower. Today’s price action is one of the first clear market signals that precious metals are decoupling from their recent strong correlation to the broader global liquidity driven selloff that has weighed on most asset classes since the start of the war against Iran.

After Thursday’s NY market close President Trump extended the order to suspend the US bombardment of Iran energy facilities another 10-days until April 6 to allow further communications between Iran and the US to take place. Overnight, however, attacks against Iran by the US and Israel continued with Iran reciprocating. Today Reuters reported that despite the heavy pace of U.S. and Israeli strikes, Iran has demonstrated that it has not run out of weapons. On ?Thursday alone, it fired fifteen ballistic missiles at the United Arab Emirates, along with eleven drones, according to the UAE's Defense Ministry.

With no clear resolution in sight, and rising concerns of deeper U.S. involvement, global markets are pricing in a prolonged conflict. Brent crude surged 3% overnight to just over $110 per barrel. The DOW and S&P 500 fell another 1.5%, while the NASDAQ fell 2.0%. The dollar gained modestly, 27 basis points, to 100.17 on the US dollar index. Yields on the US 10-year treasury were steady at 4.44%.

At the New York spot close: gold surged $134.03 to $4,509.53; silver gained $1.87 to $69.54; platinum rose $34.51 to $1,872.10; and palladium rebounded $49.64 to $1,390.94 an ounce.

3/26/2026: Gold tumbles on higher oil

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold tumbled 3.8% to close under $4,376 after President Trump threatened to intensify attacks on Iran, driving up oil prices and dashing hopes that a quick end to the war could prevent higher inflation and higher-for-longer interest rates. Silver shed 6.5% to finish at $67.67 an ounce.

Mixing his messages, Trump said today that Iran is "begging to work out a deal." But he also admitted that a ceasefire agreement might not be possible if Iran does not "get serious." In the meantime, US-Israel attacks on Iran will intensify, he said, suggesting that there will be no immediate conclusion to the one-month war.

Global benchmark Brent crude jumped nearly 6% to $108 per barrel on the statements, stoking concerns that an energy shock will fuel global inflation and higher interest rates from the Fed and other major central banks.

Gold typically trades in sympathy with oil as a hedge against energy-related inflation. But the US war on Iran has scrambled this correlation by increasing the likelihood that the Fed will no longer reduce interest rates this year, as expected before the attacks, and could even raise them.

Benchmark 10-year Treasury yields rose on the shifting outlook for inflation and interest rates, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar added 0.3% against major rivals. A stronger dollar weighs on gold and other commodities by making them more expensive in other currencies, undermining global demand.

Platinum and palladium lost 5.8% and 5.4%, respectively.

At the New York spot close: gold lost $174.30 to $4,375.50; silver shed $4.69 to $67.67; platinum dropped $112.70 to $1,833.45; and palladium slid $76.80 to $1,353.85 an ounce.

3/25/2026: Gold surges on peace hopes

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold surged 3.4% to close near $4,550 after the US submitted a ceasefire proposal to Iran, raising hopes for a conclusion to the war. Oil prices pulled back on the prospect, lowering inflation expectations and bringing bargain-hunters back to the bullion market. Silver jumped 4.4% to finish at $72.36 an ounce.

The US reportedly offered a 15-point peace proposal, using Pakistan as an intermediary. Initially rejecting the plan, Iran said it will nonetheless review it while showing no signs of reducing its drone and missile strikes in the region.

Global benchmark Brent crude fell 7% on the proposal before recovering slightly to $101 per barrel after Iran's rejection. But the fact that the Trump administration is actively seeking a way out has raised hopes for the reopening of the Strait of Hormuz for oil shipping.

Benchmark 10-year Treasury yields declined on the prospect that reducing energy inflation could bring rate cuts from the Fed later this year. Lower yields boost gold by reducing the opportunity costs for holding it instead of bonds for safety.

Platinum and palladium added 2.2% and 4.7%, respectively.

At the New York spot close: gold gained $150.50 to $4,549.50; silver surged $3.08 to $72.36; platinum picked up $41.60 to $1,946.15; and palladium rose $19.40 to $1,430.645 an ounce.

3/24/2026: Gold closes under $4,400

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.5% to close under $4,400 for the first time since early January as Treasury yields and the dollar rose on renewed concerns that a protracted war in the Middle East will increase inflation. It was bullion's ninth loss in 10 sessions. Silver also slid 0.5% to finish at $69.27 an ounce.

The US government announced today that it will send 3,000 army troops from the elite 82nd Airborne division to the Middle East to provide military options for opening the Strait of Hormuz. The closure of the Strait has blocked 20% of the global oil supply, causing prices to spike 30% higher.

The escalation involving US troops on the ground belies President Trump's announcement yesterday that the US and Iran are engages in "good and very productive talks" that will lead to a "complete and total resolution of hostilities," something Iran has completely denied.

The month-long war on Iran is already damaging the US economy, according to data released today from S&P Global. Business activity has slowed to an 11-month low as the war has raised prices for energy and other inputs.

Benchmark 10-year Treasury yields rose to nearly 4.4% on the Middle East escalation and expectation that energy prices will remain higher for longer. Rising yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking higher with yields, the dollar added 0.4% against major rivals, pressuring gold and other commodities priced in it for global trade by making them more expensive in other currencies.

Platinum rose 1.7% while palladium fell 1.7%.

At the New York spot close: gold slipped $22.75 to $4,399.30; silver slid 0.5% 35 cents to $69.27; platinum picked up $32.60 to $1,904.55; and palladium lost $24.30 to $1,411.25 an ounce.

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.

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.

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.