BENGALURU, March 27, 2026, 22:57 IST
- Spot gold jumped 3.6% to $4,536.29 an ounce in late-morning New York trading. April U.S. gold futures hit $4,533.70.
- Oil stayed north of $110 a barrel, fueling ongoing inflation concerns and prompting traders to abandon hopes for U.S. rate cuts this year.
- Silver, platinum, and palladium moved higher as well. Lower prices lured some buyers back to the Indian market.
Gold jumped more than 3% Friday, snapping back from this week’s selloff as buyers stepped in once prices fell below a key technical line. Spot gold was last up 3.6% to $4,536.29 an ounce in late morning New York trade. U.S. gold futures for April delivery matched that move, rising 3.6% to $4,533.70.
This rebound lands after a volatile week, highlighting the push and pull between Middle East conflict headlines and changing U.S. rate expectations. Oil trading north of $110 a barrel has fanned inflation worries, driven Treasury yields higher and erased hopes for U.S. rate cuts—a combination that’s weighed on bullion, since gold doesn’t offer a yield.
Daniel Pavilonis, senior market strategist at RJO Futures, thinks the drop under the 200-day moving average — that key trend marker for traders — is flashing a buy, not a warning sign. “This is an incredible time to buy gold,” he said. He’s looking for a “slow grind higher” in the coming weeks. Reuters
Gold turned sharply after sinking to a four-month trough at $4,097.99 to start the week. Sellers drove bullion down another 2.7% on Thursday, with a stronger dollar and surging oil prices weighing on the market.
Traders have erased bets on U.S. rate cuts for 2026, CME Group’s FedWatch Tool shows, while money markets now put odds of a Fed hike this year at roughly 60%. The 10-year Treasury yield climbed to around 4.44% on Friday, and the dollar index continued to notch gains.
Commerzbank bumped its year-end gold forecast up to $5,000 an ounce from $4,900, calling the latest dip short-lived. The bank’s view: the Iran war wraps up in the spring, and the Fed gets back to cutting rates before year’s end, following a period when gold traded in a range of about $4,100 to $4,600.
Precious metals caught a bid across the board. Spot silver jumped 4.4% to $71.01 an ounce. Platinum tacked on 3%, palladium climbed 3.7%. In India, dealers reported that the pullback in prices lured a few buyers, but most remained wary, holding off in hopes of a steeper decline.
China’s market showed less activity. Premiums tightened to $14-$18 an ounce, down from last week’s $10-$22 range. “Physical demand has cooled,” noted Bernard Sin, regional director for Greater China at MKS PAMP. Still, central-bank purchases and quota restrictions continued to hold up the market. Reuters
Still, that rebound might not last. Jim Wyckoff, senior analyst with Kitco Metals, said Thursday the metal could “dip below $4,000” if the conflict persists and inflation stays hot. A ceasefire, on the other hand, might push it “back toward $5,000” as rate-cut bets come back. Reuters
Bullion’s on the bounce, though far from finding its footing. Those drivers that dragged it to a four-month low earlier this week—think higher oil, a stronger dollar, and climbing yields—aren’t going anywhere.
