NEW YORK, March 30, 2026, 13:06 EDT
Gold clawed higher for a second day on Monday, with investors reaching for safe-haven plays as renewed warnings involving Iran rattled nerves over the volatile Middle East situation. Spot gold was up 0.9% at $4,531.21 an ounce as of 11:25 a.m. ET. U.S. gold futures climbed 0.8% to $4,560.80.
This rebound lands after a tough stretch. Despite the move, gold remains roughly 14% lower for March—set for its steepest monthly drop since 2008. Brent crude just topped $116 a barrel, while German inflation hit 2.8%, clear signs the conflict is pushing up energy bills and stoking price pressure.
Under usual circumstances, bullion would be rallying. But with the energy shock underway, investors are now questioning how quickly central banks might actually move to cut rates. Gold, which doesn’t offer any yield, gets edged out when the dollar and yields stay stubbornly strong.
“The war is still running hot and there’s no resolution in sight,” said Jim Wyckoff, senior analyst at Kitco Metals. For now, he’s watching crude, bond yields, and the dollar for short-term cues. Reuters
The Federal Reserve isn’t signaling otherwise—Chair Jerome Powell told reporters policymakers are content to “wait and see” what impact the Iran war has on inflation. Over at Pantheon Macroeconomics, economist Oliver Allen described the Fed as stuck in a “holding pattern” until more is known about the size of the energy shock. Reuters
Bond traders see it too. The two-year U.S. Treasury yield is heading for its sharpest monthly jump since October 2024. Earlier bets on Fed cuts this year? Scrapped, with oil stuck above $100 and the conflict unresolved.
The bounce looks shaky. Fawad Razaqzada, market analyst at City Index and FOREX.com, flagged $4,700 to $4,750 as a key line for any short-term recovery. If gold can’t push past that range, he said, “this bounce risks fading.” This week brings U.S. job openings, retail sales, the ADP employment report, and nonfarm payrolls. Reuters
Gains showed up across other precious metals, but this month’s rough patch for the sector hasn’t let up. Silver advanced 1.8% to $70.85 an ounce. Platinum picked up 1.7%, settling at $1,895.25, and palladium jumped 2.9% to $1,417.26.
Gold’s managed to recover a bit in the last two sessions, bouncing off lows not seen since November earlier last week. Still, Monday’s gain doesn’t quite signal a real reversal—geopolitical jitters are pulling buyers in, but higher oil, sticky inflation, and the interest rate outlook continue to hang over the metal.
