WARSAW, March 9, 2026, 13:30 CET
- Spot gold dropped 1.2% to $5,109.39 an ounce as of 10:12 GMT. U.S. April futures edged down to $5,118.20.
- Oil shot higher, reigniting inflation fears and putting a damper on hopes for early U.S. rate cuts.
- Silver dropped back to $84.07 an ounce, with platinum and palladium also slipping.
Gold slipped Monday, with spot prices dropping 1.2% to $5,109.39 per ounce at 10:12 GMT as the dollar firmed up and bond yields climbed. Oil shot higher on the back of the U.S., Israel, and Iran conflict, but that didn’t support bullion—spot gold had already tumbled over 2% earlier in the session. U.S. gold futures for April delivery shed 0.8%, falling to $5,118.20. “It is not uncommon to see gold falling as first reaction when financial markets show stress,” said UBS analyst Giovanni Staunovo. Reuters
Oil shot up roughly 25%, with Brent spiking as high as $119.50 a barrel—heaping fresh inflation headaches onto policymakers. “Markets [see] no obvious offramp” in the conflict, IG’s Tony Sycamore noted, adding that the threat of broader economic fallout keeps growing. Reuters
Bullion got no lift from rate bets. As of the Fed’s March 18 meeting, traders assigned a roughly 96.9% chance that rates would hold steady, data from Investing.com’s Fed Rate Monitor showed. For June, odds of keeping the current 3.50%-3.75% range sat at 62.9%, based on Fed funds futures. Investing.com
U.S. stock index futures skidded more than 1%, pressure mounting in equities as investors piled into the dollar. “We are now looking at a vastly increased chance of a U.S. and global recession as inflation surges,” said Chris Beauchamp at IG, pointing to energy costs as a threat to growth. Meanwhile, U.S. two-year Treasury yields briefly hit their highest mark since late November, according to Reuters, with markets factoring in an extended period of tight policy. Reuters
Sterling just logged its sharpest daily drop in more than a month, with currency traders offloading energy-importer currencies and piling into the dollar. “Investors are bracing for an inflation crisis,” said Susannah Streeter, chief investment strategist at Wealth Club, as oil prices climbed back to levels not seen since 2022. Reuters
Gold sometimes serves as a shelter during geopolitical turmoil, yet it’s not immune—investors often sell when cash is tight. Plus, since bullion doesn’t offer interest the way bonds do, rising yields make it pricier to keep in a portfolio.
Sellers took charge on Monday, with spot silver losing 0.3% to $84.07 an ounce. Platinum dropped 1% to $2,113.97, while palladium retreated 1.3% to $1,604.09.
The price action could easily reverse course again. Should oil prices ease off and the dollar pull back, gold tends to regain its footing fast—particularly if traders start talking up rate cuts. Still, with energy markets tight and yields pushing higher, bullion might keep heading lower, even as negative headlines pile up.
Producer nations are tweaking their policies as prices stay lofty. Ghana plans to roll out a sliding-scale royalty regime on Tuesday, following a review that bumps the ceiling rate to 12% if gold reaches $4,500 an ounce; bullion is already trading above $5,000. “They met us, they are not against the review in principle,” said Minerals Commission CEO Isaac Tandoh, referring to diplomatic resistance. Reuters
Right now, oil-driven inflation worries are outweighing any safe-haven demand—gold’s price action is reflecting that.
